Class 9 fmm notes , class 9 fmm | Chapter 2
Hello guys these are the notes of chapter 2 of class 9 fmm. (Financial Markets Management) . • Money is anything that is commonly accepted by a group of people for the exchange of goods, services or resources. • People were busy worrying about survival - food, clothing, shelter etc. • Barter system - exchange of commodities for commodities. •• Specialization - people become more skilled and can produce more things. For full explanation, Click here. Through specialization people's skills improved enabling each person, and hence the society, to produce more things of better quality. •• Trade - buying and selling of products and services is called trade. •• Surplus is beyond your personal and household needs. Then the surplus is used in trading in order to acquire the goods and services produced by others. • If the surplus is more , then the individual will have more potential to acquire the goods and services. Notes of chapter -1 . •• Wheel of economic progress - 1. Innov