Let us Explore (Page 238) Look at the timeline given below (see textbook, page 238). What are the changes in money Class 7
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Let us Explore (Page 238) Look at the timeline given below (see textbook, page 238). What are the changes in money Class 7
Look at the timeline given below (see textbook, page 238). What are the changes in money that you observe? Class 7
Answer:
Timeline shows how money has changed over time.
- Barter (6000 BCE): People exchanged goods directly without money.
- Cowrie (1000 BCE): Shells were used as a form of money.
- Metal Coins (600 BCE): Coins made from metals like gold, silver and copper or their alloys were introduced.
- Paper Money (1861): Official paper notes began to be used for transactions.
- Digital Money (1980): Debit and credit cards allowed electronic payments.
- UPI (2016): Unified Payments Interface made digital transactions even easier using smartphones.
- We observe the money changed from barter to digital, making transaction safer, convenient, faster and time saving.