Chapter 3: Money and Inflation

From Barter system to notes and coins!

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In today's world, money is at the centre of all economic activities. To satisfy her/his needs an individual requires money to buy goods and services. Money is not only the medium of exchange but it is also used as a store of value. People save money for their future needs.

Human wants are unlimited and a person cannot satisfy all wants by one's own produce. Thus a person tries to satisfy maximum possible wants by way of mutual exchange of goods and services.


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