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Meaning and Functions of Money

ICSE · Class 10 · Economics

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

43 questions43 flashcards5 concepts

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A comparison showing the difficulties of a barter system (double coincidence of wants, storage issues) versus the ease of transactions with money as a medium of exchange, unit of account, and store of
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Key Topics to Revise

1

Barter System and Its Difficulties

  • In barter system, goods and services are exchanged directly for other goods and services.
  • Barter economy is called C-C economy, where C stands for commodity.
  • The barter system was used in the early stage of human civilisation.
2

Evolution of Money

  • Economists have identified five stages in the evolution of money.
  • The five stages are animal money, commodity money, metallic money, paper money, and bank money.
  • Animal money was used in the earliest period of human civilisation.
3

Meaning and Definitions of Money

  • The word money is derived from the Latin word Moneta.
  • Money is anything commonly accepted as a medium of exchange.
  • Money may be defined from legal, functional, and general acceptability points of view.
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 made of silver and is an example of full bodied money.
  • Fiat money is government issued currency with no intrinsic value.

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Full Notes

Key Concepts

Barter is a system of exchangeThe barter system has five mainMoney developed in five stagesMoney is anything generally accepted asCrowther defined money as anything generally

Frequently Asked Questions

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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 Economics?
Understand the core concepts first, then work through the 43 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

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