Meaning and Functions of Money
Money is a thing which is commonly accepted as a medium of exchange. Money is an instrument which serves as a medium of exchange, a measure of value, a store of value and a standard for deferred payments.
Economics Class 10
Public Revenue
Public revenue refers to the income or earnings of the government of any country. It is very significant for financing developmental programmes such as construction of roads, railways, schools and hospitals.
Elasticity of Demand
The elasticity of demand measures the responsiveness of the quantity demanded for a good to a change in its price, price of other goods and changes in the consumer’s income.
Commercial Bank
A commercial bank is a financial institution which provides services such as accepting deposits, giving business loans, mortgage lending and basic investment products such as savings account and certificates of deposit.