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10th Class Chapter No 6 - Meaning and Functions of Money in Economics for ICSE

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfills these functions can be considered as money. A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, known as the Basel Accords.
Posted in 10th on February 13 2019 at 03:29 PM

ICSE 10th CLASS Economics OTHER CHAPTERS

  • 10th-class economics Chapter 13

    Modern governments need to borrow from different sources when current revenue falls short...
  • 10th-class economics Chapter 12

    Public expenditure is spending made by the government of a country on collective needs and...
  • 10th-class economics Chapter 11

    Public Revenue is an important concept of Public Finance. It refers to the income of the...
  • 10th-class economics Chapter 9

    A central bank is an independent national authority that conducts monetary policy, regulates...
  • 10th-class economics Chapter 8

    Commercial bank is a financial institution which performs the functions of accepting deposits...
  • 10th-class economics Chapter 7

    Inflation is a situation of persistent and appreciable rise in prices, leading to fall in...
  • 10th-class economics Chapter 5

    A market is a place where two parties can gather to facilitate the exchange of goods and...
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    Consumer awareness is about making the consumer aware of his/her rights.It is a marketing term...

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