From Barter to Money — Chapter Summary
CBSE · Class 7 · Social Science
Summary of From Barter to Money for CBSE Class 7 Social Science. Part of the CBSE Class 7 Social Science syllabus.
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Overview
Barter was the earliest form of exchange, where goods and services were traded directly without money. Over time, barter created many difficulties, so money developed as a common medium of exchange. Money changed in form from commodities like shells and metals to coins, paper currency, and digital p
Key Concepts
A system of exchange in
A system of exchange in which goods and services are traded directly without using money. It was the earliest form of exchange.
A situation in which two people
A situation in which two people each have what the other wants and can exchange directly.
An agreed way to compare
An agreed way to compare the value of different goods and services.
The common tool accepted by everybody
The common tool accepted by everybody to make or receive payments for goods and services.
Money works as a medium
Money works as a medium of exchange, store of value, common denomination, and standard of deferred payment.
Learning Objectives
- Explain how barter works and why it was used first
- Identify the problems of barter, such as double coincidence of wants, divisibility, portability, durability, and lack of a common standard measure of value
- Describe how money solves the problems of barter
- Recognize the main functions of money
- Trace the journey of money from commodities to coins, paper currency, and digital forms
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Sources & Official References
- NCERT Official — ncert.nic.in
- CBSE Academic — cbseacademic.nic.in
- CBSE Official — cbse.gov.in
- National Education Policy 2020 — education.gov.in
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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