Chapter 7 of 10
Revision Notes
Meaning and Functions of Money — Revision Notes
ICSE · Class 10 · Economic Application
Meaning and Functions of Money revision notes for ICSE Class 10 Economic Application: 4 topics in quick points.
60 questions40 flashcards5 concepts
Interactive on Super Tutor
Studying Meaning and Functions of Money? Get the full interactive chapter.
Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for revision notes and more.
Free trial, no card needed.
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.
Get complete notes with diagrams and examples
Full NotesKey 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?
Key topics in Meaning and Functions of Money include Barter System and Its Difficulties, Evolution of Money, Meaning and Definitions of Money, Forms of Money. Study these first, then practise questions on each for the ICSE Class 10 board exam.
How should I revise Meaning and Functions of Money for the ICSE Class 10 board exam?
Learn the core ideas first, then work through the 60 practice questions on Meaning and Functions of Money. Revise 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.
More resources for Meaning and Functions of Money
For serious students
Get the full Meaning and Functions of Money chapter — start free.
Quizzes, flashcards, an AI doubt solver and a study plan for ICSE Class 10 Economic Application. Free to start, no card needed.