Meaning and Functions of Money — Chapter Summary
ICSE · Class 10 · Economics
Summary of Meaning and Functions of Money for ICSE Class 10 Economics. Part of the ICSE Class 10 Economics syllabus.
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Money is a central part of economic life because it makes exchange easier. In a barter system, goods are exchanged directly for goods, but this creates many problems. Money solves these problems by acting as a common medium of exchange, a measure of value, a standard of deferred payments, and a stor
Key Concepts
Barter is a system of exchange
Barter is a system of exchange in which goods and services are exchanged directly for other goods and services. It is also called C-C economy, where C
The barter system has five main
The barter system has five main difficulties: lack of double coincidence of wants, lack of common measure of value, lack of divisibility, problem of s
Money developed in five stages
Money developed in five stages: animal money, commodity money, metallic money, paper money, and bank money.
Money is anything generally accepted as
Money is anything generally accepted as a medium of exchange. It is also used to measure value and store value.
Crowther defined money as anything generally
Crowther defined money as anything generally acceptable as a medium of exchange and also acting as a measure and store of value. D.H. Robertson define
Learning Objectives
- Understand the meaning of barter and its difficulties
- Explain the evolution of money through five stages
- Learn the different definitions of money given by economists
- Identify the main forms of money such as full bodied money, fiat money, legal tender money, high powered money, bank money, and near money
- Understand the features of money
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