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Summary:
- The word Money is derived from the Roman word “Moneta Juno”.
- Barter System - Men exchanged goods for goods without the use of Money.
- Some of the major stages through which money has evolved are Commodity Money, Metallic Money, Paper Money, Credit Money, Near Money and recent forms of Money.
- Value of money is meant the purchasing power of money over goods and services in a country.
- Savings are defined as the part of a consumer’s disposable income which is not used for current consumption, rather kept aside for future use.
- Black Money is money earned through any illegal activity controlled by country regulations.
Glossary:
Coincidence - An accident
Demonetization - To officially stop using particular
Dual Economy - An economic system that consists of
two very different parts
two very different parts
Purchasing Power - The value of money considered as the amount of goods it will buy
Unanimity - The state of being unanimous
Tax Evasion - Ways of illegally paying less tax
Deterioration - The process of becoming progressively worse
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