Class 7 Exam > Class 7 Notes > Social Science Class 7 - New NCERT > NCERT Textbook: From Barter to Money
Class 7 Social Science Chapter 11 NCERT Book - From Barter to Money
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FAQs on Class 7 Social Science Chapter 11 NCERT Book - From Barter to Money
| 1. What is barter and how did it function in ancient economies? |  |
Ans. Barter is the direct exchange of goods and services without using money. In ancient economies, people would trade items they had for items they needed. For example, a farmer might exchange wheat for tools made by a blacksmith. This system relied on a mutual desire for the goods being exchanged, which made transactions simpler but often limited.
| 2. What are the limitations of the barter system? | |
Ans. The barter system has several limitations, including the need for a double coincidence of wants, meaning both parties must have what the other wants. Additionally, it is difficult to determine the value of goods, and bartering can be impractical for large transactions. This complexity led to the development of money as a more efficient medium of exchange.
| 3. How did money evolve from the barter system? | |
Ans. Money evolved from the barter system as people needed a more efficient way to trade. Initially, items such as shells, salt, or gold were used as a medium of exchange because they were widely accepted and had intrinsic value. Over time, these items were standardized into coins and later paper currency, which simplified transactions and allowed for easier trade over long distances.
| 4. What roles does money play in modern economies? | |
Ans. In modern economies, money serves several critical roles: it acts as a medium of exchange, a unit of account, and a store of value. Money facilitates trade by providing a common value for goods and services, allowing for easier pricing and budgeting. It also helps in saving and investment, as it can retain value over time.
| 5. Why is the concept of money important for economic growth? | |
Ans. The concept of money is crucial for economic growth because it allows for efficient trade, investment, and resource allocation. With money, businesses can easily transact, invest in new projects, and expand operations, leading to increased productivity. Moreover, money provides a reliable measure of value, which helps consumers and producers make informed economic decisions.
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