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Meaning and Functions of Money

ICSE · Class 10 · Economic Application

Quick revision notes for Meaning and Functions of Money — ICSE Class 10 Economic Application. Key concepts, formulas, and definitions for last-minute revision.

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Key Topics to Revise

1

Barter System and Its Difficulties

  • Barter system means direct exchange of goods for goods or services for services.
  • The barter economy is also called C-C economy, where C stands for commodity.
  • Double coincidence of wants means the simultaneous fulfilment of mutual wants by buyers and sellers.
2

Evolution of Money

  • Money has evolved through five stages: animal money, commodity money, metallic money, paper money, and bank money.
  • Animal money was used in the earliest stage of human civilisation.
  • In ancient India, Go-Dhan or cow wealth was accepted as a form of money according to Arthaveda.
3

Meaning and Definitions of Money

  • Money is a thing which is commonly accepted as a medium of exchange.
  • Money is any good that is widely used and accepted in making transactions.
  • The word money comes from Moneta, the surname of the Roman Goddess Juno.
4

Forms of Money

  • Full bodied money is money whose value as a commodity is equal to its value as money.
  • A rupee coin during the British period in India was an example of full bodied money.
  • Fiat money is government issued currency which has no intrinsic value.

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Full Notes

Key Concepts

Barter system is the direct exchangeThis means the simultaneous fulfilmentMoney passed through five stagesMoney is a thing commonly acceptedMoney is anything that performs four

Frequently Asked Questions

What are the important topics in Meaning and Functions of Money for ICSE Class 10 Economic Application?
Meaning and Functions of Money covers several key topics that are frequently asked in ICSE Class 10 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Meaning and Functions of Money — ICSE Class 10 Economic Application?
Understand the core concepts first, then work through the 60 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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