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Meaning and Functions of Money — Syllabus

ICSE · Class 10 · Economic Application

What Meaning and Functions of Money covers in ICSE Class 10 Economic Application: 4 topics, for the 2026-27 session.

60 questions40 flashcards5 concepts

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4 Topics · ICSE Class 10 Economic Application · 2026-27

Topics in Meaning and Functions of Money

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.

Key Concepts

Central concept: Money as a commonly accepted medium that solves the difficulties of barter and supports exchange, value measurement, saving, payments, and economic decisions

Barter SystemDifficulties of BarterEvolution of MoneyMeaning and Definitions of MoneyForms of MoneyFeatures of MoneyFunctions of Money

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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.

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All ICSE Class 10 Economic Application Syllabus

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