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Money — Revision Notes

Telangana Open School (TOSS) · Class 12 · Economics

Money revision notes for Telangana Open School (TOSS) Class 12 Economics: 4 topics in quick points. Includes Concept and Evolution of Money, Barter System.

45 questions30 flashcards4 formulas & key relations4 concepts

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Key Topics to Revise

1

Concept and Evolution of Money

  • Money is anything widely accepted as a medium of exchange for goods and services.
  • The term 'money' comes from the Roman goddess Juno Moneta, where coins were first minted.
  • In early societies, people used the barter system—direct exchange of goods for goods.
2

Barter System and Its Inconveniences

  • Barter system means exchanging goods directly without using money.
  • Still practiced in some villages, especially in agricultural communities.
  • Main problems include lack of double coincidence of wants, storage issues, and no common measure of value.
3

Types of Money

  • Money is broadly classified into metallic and paper money.
  • Commodity money has intrinsic value equal to face value (e.g., gold coins).
  • Representative money has higher face value than intrinsic value (e.g., paper notes).
4

Functions of Money

  • Primary functions: Medium of exchange and measure of value.
  • Secondary functions: Store of value, standard of deferred payments, transfer of value.
  • Contingent functions: Distribution of national income, equalization of marginal utility, basis of credit, liquidity.

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Full Notes

Key Concepts

The barter system is the directMoney performs several key functionsMoney is classified into various typesMoney supply refers to the total

Frequently Asked Questions

What are the important topics in Money for Telangana Open School (TOSS) Class 12 Economics?
Key topics in Money include Concept and Evolution of Money, Barter System and Its Inconveniences, Types of Money, Functions of Money. Study these first, then practise questions on each for the Telangana Open School (TOSS) Class 12 board exam.
How should I revise Money for the Telangana Open School (TOSS) Class 12 board exam?
Learn the core ideas first, then work through the 45 practice questions on Money. 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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All Telangana Open School (TOSS) Class 12 Economics Revision Notes

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