Class 7 Social Science - ODISHA
Economics: From Barter to Money
The chapter 'Economics: From Barter to Money' for Class 7 students under the Odisha Board (BSE) takes you on a fascinating journey into how people bought and sold things before currency existed. You will learn about the barter system, where goods were exchanged directly for goods, and the major difficulties faced in that system, especially the lack of double coincidence of wants. The chapter then explains how money evolved as a medium of exchange, introducing coins, paper currency, and modern banking. Understanding this chapter is essential for mastering basic economic concepts and scoring well in your board exams.
Start Learning FreeKey Concepts
Barter System
A system of exchange where goods or services are traded directly for other goods or services without using money.
Double Coincidence of Wants
A situation where two persons desire to exchange each other's goods, meaning what one wants to sell is exactly what the other wants to buy.
Medium of Exchange
An intermediary instrument, such as money, used to facilitate the sale, purchase, or exchange of goods between parties.
Modern Currency
Paper notes and coins issued by the central bank of a country that do not have intrinsic value like gold or silver coins.
Important Formulas
Board Exam Info
In the Odisha (BSE) Class 7 Social Science exams, this chapter typically carries around 4 to 6 marks. Questions usually include short-answer questions, differences between the barter system and modern money, and fill-in-the-blanks.
Frequently Asked Questions
The main problem is the lack of double coincidence of wants, where it is very difficult to find two people who each want what the other has to offer.
The main problem is the lack of double coincidence of wants, where it is very difficult to find two people who each want what the other has to offer.
Why was money invented?
Money was invented to solve the problems of the barter system, providing a common medium of exchange and a standard measure of value.
Who issues currency notes in India?
Currency notes in India are issued by the Reserve Bank of India (RBI) on behalf of the Central Government.
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