CBSE Class 7 > Class 7 Notes > Social Science - New NCERT ( Part 1 and Part 2) > Infographics: From Barter to Money
Infographics: From Barter to Money
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Page 1 From Barter to Money The Evolution of Trade and Currency 01 Barter System Direct exchange of goods without money4 crops, beads, shells, and cattle were traded 02 Problems Emerged Double coincidence of wants, no standard value, difficulty dividing and storing goods 03 Money Introduced Coins and currency provided common, portable, divisible, and durable medium of exchange 04 Digital Revolution UPI, QR codes, and digital wallets now enable instant, cashless transactions Why Money? Medium of exchange: Accepted by everyone for trade Store of value: Can be saved for future use Journey of Currency Early forms: Cowrie shells, Rai stones Coinage: Gold, silver, copper coins with symbols Modern Money Paper notes: RBI issues currency with cultural motifs Digital: QR codes, UPI, net banking 1947 One Anna Could buy a dozen bananas4 1/16th of a rupee 2010 ¹ Symbol Adopted by India, designed by Udaya Kumar, IIT Bombay 4 Key Functions Exchange, storage, measurement, deferred payment "Money connects the present to the future by helping us save and spend later." 4 John Maynard Keynes Barter's Problems Double coincidence of wants No common measure of value Cannot divide goods easily Difficult to carry and store Money's Solutions Universally accepted medium Standard pricing system Available in all denominations Portable and durable Did you know? Modern barter still exists at Junbeel Mela in Assam, where people trade roots, vegetables, and handmade goods for rice cakes. Book exchanges and cloth-for- utensil swaps are also common examples of barter in today's world!Read More
FAQs on Infographics: From Barter to Money
| 1. What is barter? |  |
Ans. Barter is a system of exchange where goods and services are traded directly for other goods and services without the use of money. It relies on the mutual needs of the parties involved, as both must desire what the other has to offer.
| 2. What are the limitations of the barter system? | |
Ans. The barter system has several limitations, including the double coincidence of wants, where both parties must want what the other offers. It also lacks a standard measure of value and can be inefficient for larger or more complex transactions.
| 3. How did money evolve from the barter system? | |
Ans. Money evolved from the barter system as societies sought a more efficient means of exchange. Initially, commodity money, such as gold or silver, was used, which had intrinsic value. Over time, this led to the creation of coins and eventually paper money, facilitating easier trade and commerce.
| 4. What are the functions of money? | |
Ans. Money serves several key functions, including being a medium of exchange, a unit of account for measuring value, a store of value for saving, and a standard of deferred payment for settling debts over time.
| 5. What are some examples of early forms of money? | |
Ans. Early forms of money included commodity money like shells, salt, and livestock. Later, precious metals such as gold and silver were minted into coins, which were widely accepted and helped standardise transactions across different regions.
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Apr 19, 2026 Last updated
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Document Description: Infographics: From Barter to Money for Class 7 2026 is part of Social Science Class 7 - New NCERT ( Part 1 and Part 2) preparation. The notes and questions for Infographics: From Barter to Money have been prepared according to the Class 7 exam syllabus. Information about Infographics: From Barter to Money covers topics like and Infographics: From Barter to Money Example, for Class 7 2026 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Infographics: From Barter to Money.
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