10 TH CBSE SST How is money used in everyday life? Explain with examples.

 

Ans:
In modern times, money is used as a medium of exchange because it has been authorized by the
government as a currency. In everyday lives we use money :
To buy goods and services like in a market money can be used to buy clothes, vegetables etc.
To deposit in banks so that money can be saved and used for future use. For example- if a labourer
deposits his monthly salary in his bank account, then, he can use it in installments in the whole month.
As a store value. For instance- we cannot store perishable goods like milk, grain etc to exchange goods in
future. However, we can buy precious metals like gold and save it for future use.