Importance of Moral Values - 6126 Words

NOTES FOR THE TEACHER CHAPTER 3 : MONEY AND CREDIT Money is a fascinating subject and full of curiosities. It is important to capture this element for the students. The history of money and how various forms were used at different times is an interesting story. At this stage the purpose is to allow students to realise the social situation in which these forms were used. Modern forms of money are linked to the banking system. This is the central idea of the first part of the chapter. The present situation in India, where newer forms of money are slowly spreading with computerisation of the banking system, offers many opportunities to students to explore on their own. We need not get into a formal discussion of the ‘functions of money’ but†¦show more content†¦What a person desires to sell is exactly what the other wishes to buy. In a barter system where goods are directly exchanged without the use of money, double coincidence of wants is an essential feature. In contrast, in an economy where money is in use, mone y by providing the crucial intermediate step eliminates the need for double coincidence of wants. It is no longer necessary for the shoe manufacturer to look for a farmer who will buy his shoes and at the same time sell him I DON’T NEED SHOES. I NEED CLOTHES. I WANT SHOES. BUT I DON’T HAVE WHEAT. M ONEY AND C REDIT 39 wheat. All he has to do is find a buyer for his shoes. Once he has exchanged his shoes for money, he can purchase wheat or any other commodity in the market. Since money acts as an intermediate in the exchange process, it is called a medium of exchange. LET’S WORK THESE OUT 1. How does the use of money make it easier to exchange things? 2. Can you think of some examples of goods / services being exchanged or wages being paid through barter? MODERN FORMS OF MONEY We have seen that money is something that can act as a medium of exchange in transactions. Before the introduction of coins, a variety of objects was used as money. For example, since the very early ages, Indians used grains and cattle as money. Thereafter came the use of metallic coins — gold, silver, copper coins — a phase which continued well into the last century. organisationShow MoreRelatedImportance of Morals and Values977 Words   |  4 PagesTHE IMPORTANCE OF VALUES AND MORALS IN ONE’S LIFE Every one knows that life is precious – that life is important. We all protect our life because we care for it more than anything else. If life is so important, the values of life are even more important. Values are guiding principles, or standards of behaviour which are regarded desirable, important and held in high esteem by a particular society in which a person lives. Values make up who you are. They define your character. That makes themRead MoreThe Importance Of Ethics And How Ethics Produce Effective Leaders1240 Words   |  5 PagesThis paper analyzes the importance of personal ethics in leadership and how ethics produce effective leaders. The importance of understanding ethics, motivation to act as a role model and developing a plan of action for an organization are discussed because of their importance regarding development of good leadership. These key aspects suggest personal ethics positively affect leadership and when made a priority for leaders will produce ethical and effective leadership. With so many definitions ofRead MoreThe Ethics Of Leadership And How Ethics Produce Effective Leadership1224 Words   |  5 PagesI will examine the importance of personal ethics in leadership and how ethics produce effective leaders in organizations today. 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