Chapter 14 of 24
Revision Notes
Money and its Role — Revision Notes
NIOS · Class 10 · Economics
Money and its Role revision notes for NIOS Class 10 Economics: 4 topics in quick points. Part of the NIOS Class 10 Economics syllabus.
53 questions30 flashcards5 concepts
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Key Topics to Revise
1
Barter System and Its Need
- Barter system means exchange of one kind of goods and services for another kind of goods and services.
- Barter system involves no involvement of money.
- It was used in ancient civilizations and still exists in remote tribal areas of India.
2
Demerits of Barter System
- Lack of double coincidence of wants is a major problem.
- Double coincidence of wants means both persons must want what the other has.
- Searching for the right person took a lot of time.
3
Functions of Money
- Money acts as a medium of exchange.
- Money is received by the seller and paid by the buyer.
- Example: Rs. 10 paid for a pen shows money as medium of exchange.
4
Types of Money and Currency
- Money has changed form over time.
- In the days of kings, gold, silver, and copper coins were used.
- Earlier, cattle and salt were also used as forms of money.
Get complete notes with diagrams and examples
Full NotesKey Concepts
Barter system means exchange of oneMoney arose because barter had seriousMoney is something generally accepted byMoney is received by the sellerThe value of a good
Frequently Asked Questions
What are the important topics in Money and its Role for NIOS Class 10 Economics?
Key topics in Money and its Role include Barter System and Its Need, Demerits of Barter System, Functions of Money, Types of Money and Currency. Study these first, then practise questions on each for the NIOS Class 10 board exam.
How should I revise Money and its Role for the NIOS Class 10 board exam?
Learn the core ideas first, then work through the 53 practice questions on Money and its Role. 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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