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Money and Economy
Social Science · Kerala SSLC (Class 10) · English Medium · 40 questions and answers
Sample questions
- Q: What is money?
- A: Money is anything that is generally accepted as a medium of exchange for goods and services and in the payment of debts.
- Q: What was the barter system?
- A: The barter system was the exchange of goods for goods directly, without the use of money.
- Q: What difficulties of the barter system did money solve?
- A: In barter it was hard to compare the value of one good with another, and value could not be stored, especially for perishable goods. Money made both easy.
- Q: Name the general functions of money.
- A: Medium of exchange, measure of value, store of value and means of deferred payments.
- Q: What is meant by money as a 'medium of exchange'?
- A: As a medium of exchange, money is accepted by all in the buying and selling of goods and services, removing the need for barter.
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