Financial Markets Management class 9 chapter 1 notes
MONEY - WHAT IT IS? Expert says “money is what money does”. A man on the street would probably cite coins and notes as a definition of money. But is money just coins & notes? What about balance in the bank? Haven’t we heard people saying I have money in the bank? Definition of Money Money is invention of human mind. It is a symbol that represents the value of goods & services. Money is a medium of exchange. It allows us to satisfy our needs & wants. For more explanation of the chapter you can click here Evolution of money Initially, money was not a physical entity. There was no monetary system existed. To get a particular commodity, people had to exchange it with another commodity. Which was called as Barter System. Due to many limitations, Barter system could not serve the purpose. Discovery of precious metals gave a solution to the problems in Barter system. The metals were exchanged instead of commodities. Later, difficulty to carry he