What Are Money and Banks?

What Are Money and Banks? book cover — LET S FIND OUT COMMUNITY ECONOMICS WHAT ARE MONEY AND BANKS SOS OPS 7 GE OC OE JEANNE NAGLE 5 ENTER MNo O 8 u1 Britannica Educational Publishing IN ASSOCIATION WITH ROSEN EDUCATIONAL SERVICES

What Are Money and Banks? — page 1 — MONEY AND BANKS Whenever people pay for goods or Lue means how services they use some form of money much something In early times shells and beads were is worth or how used to pay or trade for things much something Money can be almost anything as long should cost as everyone agrees on its value One of the earliest forms of CE money was precious metal such VIS These wampum beads were made from shells and used as money by Native Americans of the Montauk

What Are Money and Banks? — page 2 — as gold or silver Paper money was created as a promise to pay in gold or silver without having to carry those metals around A bank is a business that borrows and lends money It borrows money from customers called depositors It lends money to other customers called borrowers Banks pay fees to depositors and collect fees from borrowers The fees are called interest Banks make a profit by collecting more interest than they pay out Modern banks do many other things as well LLLLLLLLLLANAVAL Most banks have branches where customers can go to ask about or receive

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