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Revision Notes
Meaning and Functions of Money — Revision Notes
ICSE · Class 10 · Economics
Meaning and Functions of Money revision notes for ICSE Class 10 Economics: 4 topics in quick points. Part of the ICSE Class 10 Economics syllabus.
43 questions43 flashcards5 concepts
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Get startedKey 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 NotesKey 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
What are the important topics in Meaning and Functions of Money for ICSE Class 10 Economics?
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 43 practice questions on Meaning and Functions of Money. Revise definitions regularly and use flashcards for quick recall before the exam.
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