Meaning and Functions of Money — Chapter Summary
ICSE · Class 10 · Economic Application
Summary of Meaning and Functions of Money for ICSE Class 10 Economic Application. Part of the ICSE Class 10 Economic Application syllabus.
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Overview
Money is a commonly accepted medium of exchange that makes trade easier in daily life. Before money, exchange happened through barter, where goods were exchanged directly for goods. That system had many difficulties, such as the lack of double coincidence of wants, lack of common measure of value, l
Key Concepts
Barter system is the direct exchange
Barter system is the direct exchange of goods and services for other goods and services. It is also called C-C economy, where C stands for commodity.
This means the simultaneous fulfilment
This means the simultaneous fulfilment of mutual wants by buyers and sellers. In barter, both people must want each other’s goods at the same time.
Money passed through five stages
Money passed through five stages: animal money, commodity money, metallic money, paper money, and bank money.
Money is a thing commonly accepted
Money is a thing commonly accepted as a medium of exchange. It is also a good widely used and accepted in transactions.
Money is anything that performs four
Money is anything that performs four basic functions: medium of exchange, measure of value, standard of deferred payments, and store of value.
Learning Objectives
- Understand the meaning of money and why it is needed
- Explain barter system and its difficulties
- Describe the five stages in the evolution of money
- Learn different definitions of money
- Identify the main forms of money
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