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Chapter 3- Introduction to money and banking
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This lesson introduces us the concept of money and banking with discussions on barter system and it's limitations.

Arpita Prakash
YouTuber NCERTs series initiator at Unacademy 'Educator of the Month' for Feb'19 CBSE 0.1% Merit Certificate holder in Mathematics

Unacademy user
Sir how many times 5 bells ring in 1 hour problemthil total 11 times ring cheyyilla starting il ella bellsum ring cheyyunnundallo then oro 6 mins ath bell cheyyum so total 11 varilla doubt und so pls clarify
athalle qstnil paranje...aadyathethinu sesham ennu...pinnedulla 1 hr il 10..aadyathethinu koottunnilla ..ath qstnil prathyekam paranjille
athumkudi cherthu total etra ennanel 11..1hr leth 10
Vidhya VM
8 months ago
ok thank you sir
m always confused about this terminology of economic but it's very easy for me to understand thank u so muchh...
thank u so muchh mam really appreciate ur work 👏👏👏
  1. MONEY AND BANKING INTRODUCTION: o Money- medium of exchange o Imp instrument for facilitation of exchange in case of more than one economic agent who engages themselves in transactions through his market o Barter exchanges- Economic exchanges without mediation of money double coincidence of wants o Need of intermediate good - money (selling and purchasing) o Principal role of money- facilitation of exchanges FUNCTIONS OF MONEY o Medium of exchange o Unit of account (value of G&S can be expressed in monetary units) - Eg Rupee being unit of money o Deterioration in purchasing power of money o Store of value for individuals DEFICIENCIES OF BARTER SYSTEM: Difficult to carry forward one's wealth Cashless society-economic state wherein financial transactions are not connected with money in the form of physical bank notes or coins but rather through the transfer of digital information between transacting parties