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).
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