🔖Coupon Code: 'Mrunal.org' gives extra discount for 👨‍🏫 Mrunal's New UPSC Prelims & Mains Courses at https://unacademy.com/@mrunal.org
📢Features of Mrunal's Economy Course at Unacademy:
1) 👨‍🏫 Weekly live classes @night even Working Professional can attend
2) 🆎 Updated Powerpoints with latest budgets, economic surveys & current Affairs of Economy
3) 📑 500+ pages Rapid revision handouts, covering both Prelims & Mains, incl. Hindi translation for important terminologies. No need to purchase separate books / NCERTs.
4) 🔠 Weekly Quiz with ranking system
5) 💬 Weekly Doubt Solution to your queries.

- In the previous episode, we learned about the importance of economic survey in UPSC exam, and the gist of its 14 chapter. Now moving to the first pillar of economy i.e. "Money, Banking, Finance and Insurance."
- While "money and its evolution upto bitcoin" has been covered in previous lectures ("L3") and articles but take a look at them again in the light of new developments especially regarding the meaning of legal tender, challenges to digital payment and utility of block chain technology.
- Even before the invention of money, people used to trade with each other using barter system however this system, while it has some advantages, suffered from the problem of "double coincidence of wants", problems related to the divisibility and fungibility of value, did not permit industrialisation or division of labour or redistribution of national income.
- Therefore money was invented, with two primary functions 1) measure of valu. And 2) medium of exchange And three derivative functions: store of value, transfer of value and deferred payment.
- Over the period of time, this money evolved in five stages : 1) Commodity Money 2) Metallic Money 3) Paper Money & legal tender 4)Bank Money 5) Crypto Currency.
- First we take a look at Commodity money: examples, advantages, limitations and How the problem of uniformity and purity of gold nuggets leads to invention of metallic coin money.
- Metallic Money: what is the difference between full bodied coin and token coin. What is Grisham's law and debasement? How do they affect the value of coin?
Powerpoints available under Mrunal.org/download

- Faculty Name: You know who
- Powerpoint available at http://Mrunal.org/download goto Mediafire folder - "Powerpoint" -"1_Economy_Mrunal" - there goto "BES17_Budget_Eco_Survey" and you'll find the powerpoints.
- Exam-Utility: UPSC IAS IPS Civil service exam, Prelims, CSAT, Mains, Staff selection SSC-CGL, IBPS, SBI, RBI and other banking exams; LIC, EPFO, FCI & other PSU exams; CDS, CAPF and other defense services exams; GPSC, MPPCS, RPSC & other State PCS services exams with Indian Economy, Budget, Banking, Public Finance in its syllabus- with descriptive questions and answer writing.