Related to the Economics in Practice on P

question 314

Multiple Choice

Related to the Economics in Practice on p. 189: In Santa Cruz, the red feathers of the Scarlet Honeyeater bird were used as currency. In this instance, the feathers would be considered

• A) fiat money.
• B) token money.
• C) commodity money.
• D) legal tender.

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Definitions:

Equality Matching

A type of reciprocity based on the idea of balance and fairness, where each participant receives equivalent value in a transaction or relationship.

Social Exchange

People often use a form of everyday economics when they weigh up costs and rewards before deciding what to do.

Bicultural Identity

An individual's identification with two cultures and the integration of these cultures into their sense of identity.

Sari

A traditional South Asian garment consisting of a length of cotton or silk cloth that is wrapped around the body, usually draped over the shoulder.