CBSE Class 7  >  Class 7 Notes  >  Social Science - New NCERT ( Part 1 and Part 2)  >  Mnemonic: From Barter to Money

Mnemonic: From Barter to Money

Limitations of Barter System

What needs to be memorized: Double coincidence of wants, Lack of common measure of value, Difficulty in storing wealth, Indivisibility of goods, Difficulty in deferred payments

The Desi Mnemonic: "Don't Let Dost Ignore Debt"

🔗 The Breakdown:

  • Don't → Double coincidence of wants
  • Let → Lack of common measure of value
  • Dost → Difficulty in storing wealth
  • Ignore → Indivisibility of goods
  • Debt → Difficulty in deferred payments (debt is a deferred payment!)

Functions of Money

What needs to be memorized: Medium of exchange, Measure of value, Store of value, Standard of deferred payment, Transfer of value

The Desi Mnemonic: "Mom Makes Samosa, Sister Takes"

🔗 The Breakdown:

  • Mom → Medium of exchange
  • Makes → Measure of value
  • Samosa → Store of value
  • Sister → Standard of deferred payment
  • Takes → Transfer of value

Evolution of Money (Historical Stages)

What needs to be memorized: Barter system, Commodity money, Metallic money, Paper money, Plastic/Digital money

The Desi Mnemonic: "Bhai Called, Mom Picked Phone"

🔗 The Breakdown:

  • Bhai → Barter system
  • Called → Commodity money
  • Mom → Metallic money
  • Picked → Paper money
  • Phone → Plastic/Digital money (Phone represents digital technology!)

Characteristics of Good Money

What needs to be memorized: Durability, Portability, Divisibility, Uniformity, Limited supply, Acceptability

The Desi Mnemonic: "Dhoni's Practice Daily - Unique, Limited, Appreciated"

🔗 The Breakdown:

  • Dhoni's → Durability
  • Practice → Portability
  • Daily → Divisibility
  • Unique → Uniformity
  • Limited → Limited supply
  • Appreciated → Acceptability
The document Mnemonic: From Barter to Money is a part of the Class 7 Course Social Science Class 7 - New NCERT ( Part 1 and Part 2).
All you need of Class 7 at this link: Class 7
Explore Courses for Class 7 exam
Get EduRev Notes directly in your Google search
Related Searches
Previous Year Questions with Solutions, past year papers, study material, Extra Questions, shortcuts and tricks, Free, Viva Questions, practice quizzes, Important questions, Mnemonic: From Barter to Money, MCQs, ppt, mock tests for examination, Mnemonic: From Barter to Money, Summary, video lectures, Semester Notes, Sample Paper, Exam, pdf , Objective type Questions, Mnemonic: From Barter to Money;