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Land utilisation

  LAND UTILIZATION  Land is a scarce resource, whose supply is fixed for all practical purposes. At the same time, the demand for land for various competing purposes is continuously increasing with the increase in human population and economic growth.Land use pattern at any given time is determined by several factors including size of human and livestock population, the demand pattern, the technology in use, the cultural traditions, the location and capability of land, institutional factors like ownership pattern and rights scale regulation. Major Types of Land Utilization in India : As in all other countries, land in India is put to various uses. The utilization of land depends upon physical factors like topography, soil and climate as well as upon human factors such as the density of population, duration of occupation of the area,land tenure and technical levels of the people.There are spatial and temporal difference in land utilization due to the continued interplay of phys...
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CLASSIFICATION OF MONEY

CLASSIFICATION OF MONEY
a)Money proper and Money of account

Money proper is the money which is in circulation in a country. It is medium of exchange and means of payment .
Rupee note and coin is Money proper in India.

Money of account is that in which accounts are maintained.Process of goods ,purchasing power debts etc are Money of account.

While the Indian rupee as money of account has remained same,the actual , Indian rupee has been experiencing change in its weight ,size and content from time to time.

Types of money proper
1)Commodity money and representative money

Commodity money is made up of metal and its face value is equal to its intrinsic value. With being medium of exchange ,it also serves as store of purchasing power. It is also called as full bodied money.

Representative money is the money which is not full bodied and is still in circulation. Its materially value is greater than the value of stuff of which it is composed.Paper money is its example.

b) Legal tender and optional money

Legal tender money is enforced by the law.No one can refuse to accept it as a means of payment .
There are two types of legal tender money
1)limited legal tender - It is accepted as legal tender only up to a certain limit .For example the small coins and 25 paise are legal tender up to a sum of Rupees 25.
2)Unlimited legal tender is that money which has to be accepted as medium of payment up to any amount .For example, In India ,50 paise coins ,one rupee coin and currency notes are unlimited legal tender.

Optional money is that money which may or may not be accepted as a means of payment.It has no legal sanction. Cheques,bank drafts are its example.

b) Standard money and token money:  These both come under metallic money or coin money.

Standard money is the money whose face value is equal to its intrinsic value. Face value refers to the exchange value of coin as fixed by authority and intrinsic value is the worth of metallic content of money.It is also called as full bodied money .It is generally made up of gold and silver coins.

Token money is the money whose face value is more than its intrinsic value . Token money is generally made up of cheaper metals like copper,nickel etc.

c) Paper money - Money made up of paper is called as paper money .It consists of currency notes issued by government and central bank of country. In India, one rupee note is issued by Ministry of finance of Indian government and all other notes are issue by RBI.

It is of 4 types :
1) Representative paper money - It is that kind of money which is fully backed up by gold and silver reserves. Under monetary system of representative money,golf and silver equals to value of paper currency issued are kept in reserves by monetary authority.
2) Convertible paper  money - The paper money which is convertible into standard coins is called as convertible paper money. 
3) Inconvertible paper money -Money which cannot be converted into standard coins or valuable metal is called as inconvertible paper money.Monetary authorities maintain no metallic reserves against paper money.
4)Fiat money -Fiat money is only a variety of inconvertible paper money. It is backed up neither by metallic not the fiduciary reserves.Monetary authority gives no guarantee to convert Fiat money into metals of value. It is kind of token money.

d) Credit money -Cheques or demand drafts are called as credit money .These are accepted as means of payments.It is only a credit instrument which performs the function of money .It is also called as near money.

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