Rajasthan BoardEnglish MediumSTD 12 Humanities & CommerceEconomicsMoney and Banking2 Marks
Question
How can money be classified?
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Answer
Money can be classified as:
Full-bodied money: It is the money whose value as commodity is equal to its value as money. e.g. Gold, silver.
Representative full-bodied money: It is usually made of paper. It is that money which is fully backed up by gold and silver.
Credit money: It is that money whose value as money is more than the commodity value of the material which is used to make the money. It can be in the form of:
Token coins.
Representative token money.
Circulating promissory notes issued by the Central Bank.
Bank money.
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