ECON 2720 Lecture 4: Lecture 4 - ECON
24 Jan 2017
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Document Summary
Prices of houses went up as one got closer to the trade area. Made laws to make athens more open to business activity. Athens became a sea fare and naval power. Did not have wood necessary to build ships due to poor soil. Imported wood and grain from black sea, rome, egypt. Once a place got a reputation, it snowballed and more traders would go there. No such thing as paper money therefore all money was metallic. Coins were supposed to have a certain amount of silver in it. Cheaped people out by putting less silver in the coin. Athenian always had the correct amount of silver in it. People paid more than face value for these coins. When they took these coins to athens, they would get the face value for the athenian coin. Therefore this coin was the medium of exchange in the. Athenian banking system evolved with the sea faring economy.
