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A Section 8 (Not for Profit) Company
• Barter System
• Evolution of Money
• Needs and Wants
• Bill/ Cash Memo
• Benefits of Trade
• Radha and the Frog
• Grandfather’s Coins
• Nurturing the Money Plant
The exchange of goods
and services by one
person in return for
goods and services
from another person is
called barter system.
This system existed
when there was no
under the barter
system; like double
coincidence of wants.
Evolution of Money
People were engaged in barter.
The goods to be exchanged were not
necessarily of the same value.
It was also difficult to store goods,
particularly perishable ones like fish.
The discovery of metal solved many of these
difficulties and it begun to be used as money.
Long evolution process
Small metal pieces, with fixed weight and
value and bearing an official seal appeared
Predominantly gold and silver were used to
During the Mauryan period copper was also
used to mint coins.
King Sher Shah Suri issued a silver coin and
termed it as ‘Rupiya’. The word is said to be
derived from the Sanskrit word ‘Rupya’
which means a coin of silver.
Rupee as we see today
The earliest issue of rupee in the form of
paper currency was by the Bank of
After independence, followed by accession of
princely states to the new union, Reserve
Bank of India issued Indian National Rupee
(INR) notes on behalf of the Government.
Indian rupee now has a universally
recognized symbol since the year 2010.
Symbol: Major Currencies
Needs and Wants
Needs are things that we must have in order
to survive - things we truly can’t be without.
Wants, on the other hand, are things that we
would like to have, but that are not
necessary for survival.
Some needs and wants don’t cost any money
at all: like air. Many needs and wants,
however, cost money.
You should cater to your needs first, before
you can buy the things you want.
Ask for a bill
A bill offers protection and benefits to both
buyer and seller.
If you don’t have the bill and the item you
have purchased turns out to be faulty, you
lose the right to complain.
Some shopkeepers on their own won’t insist
on giving you a bill as they want to avoid
Every time you make a purchase or make
any payments ask for a bill.
What is Trade?
Transfer of goods and services from one
person or entity to another in exchange for
something is called trade.
Broadly, there are two types:
Trade within the geographical boundary of a
country is called domestic trade.
Foreign trade happens between two or more
Benefits of trade
Opportunity for trade arises because:
A country can produce goods at a lesser cost than
Also, a country can produce goods which the other
country is unable to produce.
In our country, Punjab is known for wheat
farming where as Kerala predominantly
Farmers in both these states have developed
expertise in their area of farming.
If Kerala needs wheat, instead of doing
wheat farming it can buy wheat from Punjab
or can exchange it with rice.
Importance of saving
In simple terms, savings is not spending
Put aside a part of the money you have now
You don’t need a large amount to start
Put a little money aside regularly and it will
You must spend less to save more.
Saving will help you meet unexpected money
requirements in future.
You can also set a goal and save for it, like
buying your favorite book or toy.
Types of taxes
Tax is a fee charged by the government on
income or price of a good.
If tax is charged on income it is called direct
tax and if it charged on the price of goods
and services its known as indirect tax.
Have you wondered from where government
gets money to spend on building roads and
bridges, parks, schools, hospitals, etc.?
Why do we need to pay taxes?
Our government has the responsibility to
improve the standard of living of our
They need money to build roads, hospitals,
parks and bridges etc. in our country.
Taxation generates this revenue which is
used for all the above mentioned purposes.
By paying taxes responsible citizens help
their country grow and develop.
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