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Meaning and Functions of Money — Syllabus

ICSE · Class 10 · Economics

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

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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4 Topics · ICSE Class 10 Economics · 2026-27

Topics in Meaning and Functions of Money

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.

Key Concepts

Central concept: Money as a medium of exchange and a core tool of economic life

Barter systemDifficulties of barterEvolution of moneyDefinitions of moneyForms of moneyFeatures of moneyFunctions of moneyModern forms of money

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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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Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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