Forms of Money Video Lecture | Social Studies (SST) Class 10

0:0:0: you must have gone and asked your
0:0:2: parents for money to fulfill your
0:0:5: demands then you should have already
0:0:7: understood the awesome and diverse uses
0:0:10: of money a person holding money can
0:0:13: easily exchange it for anything of their
0:0:16: need everyone accepts money as a form of
0:0:19: payment and uses it for their
0:0:21: benefit today we are going to explore
0:0:24: how money came into being in the early
0:0:28: periods when the use of money was not
0:0:30: prominent people had adopted a simple
0:0:32: and convenient system where they
0:0:34: exchanged Goods with other types of
0:0:37: goods this was known as the barter
0:0:40: system for example let us assume the
0:0:43: situation of a village
0:0:45: farmer the farmer grows wheat and needs
0:0:48: clothes for his family he has to go to
0:0:51: the market and find a cloth seller who
0:0:53: needs wheat once he finds such a seller
0:0:57: he would complete the transaction by
0:0:59: Exchange changing wheat and
0:1:1: clothes the barter system requires a
0:1:4: double coincidence of wants both parties
0:1:8: must have the item the other needs for a
0:1:10: complete
0:1:11: trade this proves to be very difficult
0:1:14: since there is no way to find the people
0:1:16: necessary for trade a cloth seller might
0:1:20: not always find what he needs in the
0:1:23: market so the concept of money was
0:1:25: introduced in the world this solved the
0:1:28: problem of the Buy
0:1:30: system now the cloth seller does not
0:1:33: need to find a farmer who needs
0:1:35: clothes all he has to do is sell his
0:1:38: goods and take an appropriate amount of
0:1:41: money then he can easily purchase
0:1:44: anything in the market so money can be
0:1:46: used to exchange for any goods or
0:1:49: services in the
0:1:50: market hence it acts as a medium of
0:1:54: exchange so modern economy is based on
0:1:57: the use of money for any kind of service
0:2:0: or
0:2:1: trade now that we have understood the
0:2:3: effort of money and its
0:2:5: use let us talk about what is considered
0:2:8: money and what is
0:2:10: not before the introduction of
0:2:13: modern-day currency grains and cattle
0:2:16: were used as money in
0:2:18: India after that the money was
0:2:20: introduced in the form of gold coins
0:2:23: they remained in use for a long time
0:2:26: then silver and copper coins started
0:2:29: being used as currency in many
0:2:32: countries precious metals were used in
0:2:34: those coins hence they began to decline
0:2:38: over time new forms of money were
0:2:44: introduced modern forms of money
0:2:47: currency paper notes and coins are the
0:2:50: modern form of currency previously we
0:2:53: saw that early age used something
0:2:56: precious cattle gold silver as is a
0:2:59: medium of
0:3:1: exchange but the modern currency has no
0:3:4: use of its own however the government
0:3:7: has declared rupee notes and coins as
0:3:10: the only medium of
0:3:12: exchange the rupee cannot be refused for
0:3:15: trade in India The Reserve Bank of India
0:3:19: issues currency notes on behalf of the
0:3:21: central
0:3:22: government as per Indian law no other
0:3:25: individual or organization is allowed to
0:3:28: issue currency
0:3:30: the name of Reserve Bank of India is
0:3:32: printed on all notes as shown in the
0:3:35: picture we can also see the sign of
0:3:37: governor on the
0:3:38: notes so even though the materials used
0:3:42: for making notes have no separate value
0:3:45: however if the note is issued by the
0:3:47: government it becomes a medium of
0:3:53: Exchange Bank deposits the banks become
0:3:57: the storehouse of all our money
0:4:0: the people do not need to carry their
0:4:2: money all the time they can deposit
0:4:5: their money in Banks as
0:4:7: deposits for example workers who receive
0:4:11: their salaries at the end of each month
0:4:13: have extra cash so they deposit it in
0:4:17: the bank by opening a bank account under
0:4:19: their name now you might wonder why
0:4:22: people should deposit money in the bank
0:4:26: to answer this there are two major
0:4:28: advantages
0:4:30: first the banks keep the money safe so
0:4:33: the people can rest assured of their
0:4:35: money safety second the bank pays an
0:4:39: amount as interest which directly
0:4:41: depends on the amount of money stored in
0:4:44: the
0:4:44: account hence deposits are very commonly
0:4:47: used by people because of these
0:4:50: advantages people also have the
0:4:53: provision to withdraw their money
0:4:55: whenever the need
0:4:56: arises since the deposits in the bank
0:4:59: accounts can be withdrawn on demand
0:5:2: these deposits are called demand
0:5:5: deposits demand deposits also have an
0:5:8: interesting feature this feature lends
0:5:11: it the important characteristics of
0:5:13: money that of a medium of
0:5:15: exchange you must have seen the use of
0:5:18: checks instead of cash a check is a
0:5:21: paper instructing the bank to pay a
0:5:23: specific amount from the person's
0:5:25: account to the person in whose name the
0:5:27: check has been issued
0:5:30: so instead of using cash or coins to
0:5:32: complete the trade people can directly
0:5:35: issue a check for a specific amount let
0:5:39: us take an example a man wants to buy a
0:5:42: car he goes to the showroom and the car
0:5:45: dealer tells him the price is 5
0:5:48: lakhs now the man has two options he can
0:5:51: give a bag full of notes to the dealer
0:5:55: or he can write the amount against the
0:5:57: Dealer's name and give him a check
0:6:0: because giving cash is more difficult
0:6:2: than handing over a check the man
0:6:4: chooses to give a check the facility of
0:6:8: checks against demand deposits makes it
0:6:10: possible to directly settle payments
0:6:12: without the use of
0:6:14: cash we must understand that both
0:6:17: currency and deposits are closely linked
0:6:19: to each other for proper working and the
0:6:21: banking system manages the relationship
0:6:24: between the
0:6:27: two conclusion
0:6:30: so now we can understand the need for
0:6:32: money and how it has eased Our
0:6:34: Lives we learned that money helps us
0:6:37: trade things easily from the early
0:6:40: barter system to today's coins and
0:6:42: paper Banks take care of our money and
0:6:45: give us a safe place to keep
0:6:51: it some important terms barter system
0:6:56: the barter system is a method of
0:6:58: exchanging good goods and services
0:7:0: directly without using money in a barter
0:7:4: system people trade items they have for
0:7:7: items they need creating a system of
0:7:9: mutual exchange without the involvement
0:7:12: of
0:7:13: currency deposit a deposit is money you
0:7:16: put into a bank account it can be cash
0:7:20: checks or electronic
0:7:22: transfers people deposit money to keep
0:7:25: it safe earn interest or use it for
0:7:28: future transaction
0:7:30: s check a check is a written note
0:7:33: telling the bank to pay someone a
0:7:35: certain amount of money from your bank
0:7:38: account it's a way to make payments and
0:7:41: you need to have enough money in your
0:7:42: account to cover
0:7:44: it we hope that you have understood
0:7:47: different forms of money now here's a
0:7:50: secret on how you can study effectively
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0:7:58: solve ncer based McQ tests of this
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0:8:8: 10 and much more for your class 10
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