Class 10 Social Science — Chapter 3: Money and Credit

What you'll learn

• ▸Barter System and Double Coincidence of Wants
• ▸Money as a Medium of Exchange
• ▸Evolution of Money
• ▸Modern Forms of Money: Currency
• ▸Modern Forms of Money: Demand Deposits
• ▸The Role of Cheques
• ▸The Modern Banking System's Role in Money
• ▸Demonetisation and Digital Transactions

Chapter Summary

--- PAGE 1 --- NOTES FOR THE TEACHER CHAPTER 3: MONEY AND CREDIT Money is a fascinating subject and full of curiosities. It is important to capture this element for the students. The history of money and how various forms were used at different times is an interesting story. At this stage the purpose is to allow students to realise the social situation in which these forms were used. Modern forms of money are linked to the banking system. This is the central idea of the first part of the chapter. The present situation in India, where newer forms of money are slowly spreading with computerisation of the banking system, offers many opportunities to students to explore on their own. We need not get into a formal discussion of the 'functions of money' but let it come up as questions. There are certain areas that are not covered, such as 'creation of money' (money multiplier) or the backing of the modern system that may be discussed if you desire. As you would see in the chapter, the st…

Practice Questions from this Chapter

Tap "Get Solution" on any question to ask our AI tutor.

1. Explain demonetisation simply. Get Solution →
2. Compare cash and digital payments. Get Solution →
3. Define a credit score. Get Solution →
4. What is a system where goods are directly exchanged without the use of money called? Get Solution →
5. In India, which organization is authorized to issue currency notes on behalf of the central government? Get Solution →
6. What are the deposits in bank accounts that can be withdrawn on demand called? Get Solution →
7. What is an asset that the borrower owns, such as land or a vehicle, and uses as a guarantee to a lender until the loan is repaid? Get Solution →
8. What is the essential feature of a barter system? Get Solution →

Did you know?

• 💡 The Lydians invented the world's first coins around 600 BC in modern-day Turkey.
• 💡 Paper money was first invented in China over 1000 years ago during the Tang Dynasty.
• 💡 Cowrie shells were used as money in many cultures for thousands of years.
• 💡 The word "bank" comes from the Italian "banco" referring to a moneylender's bench.
• 💡 Some countries are trying to become completely cashless, using only digital payments.

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