The Marshall equation is expressed as:
M = KPY
Where
M is the quantity of money
Y is the aggregate real income of the community
P is Purchasing Power of money
K represents the fraction of the real income which the public desires to hold in the form of money.

(i) The new symbol, is an amalgamation of Devanagri ‘Ra’ and the Roman ‘R’ without the stem.
(ii) The symbol of India rupee came into use on 15th July, 2010.
(iii) After America, Britain, Japan, Europe Union. India is the 5th country to accept a unique currency symbol.

The paper currency standard refers to the monetary system in which the paper currency notes issued by the Treasury or the Central Bank or both circulate as unlimited legal tender.

Monetary Economics is a branch of economics that provides a framework for analyzing money and its functions as a medium of exchange, store of value and unit of account.

The more or less regular upward and downward movement of economic activity over a period of years.

Money facilitates the distribution of income asrent, wage, interest and profit.

(i) Creeping inflation is slow moving and very mild the rise in prices will not be perceptible but spread over a long period
(ii) This is also known as mild inflation of moderate inflation.

PT = MV + MlVl
\(P=\cfrac { { MV1 }+{ MV 1} }{ T } \)

Stagflation is a combination of stagnant economic growth, high unemployment and high inflation.

(i) "Too much of Money chasing too few goods" - Coulbourn
(ii) "A state of abnormal increase in the quantity of purchasing power" - Gregorye

(i) Plastic money refers to the hard plastic cards used everyday in place of actual bank notes.
(ii) They aim at removing the need for carrying cash to make transactions.
(iii) (E.g.) Cash cards, Credit cards, Debit cards, Pre-paid Cash cards, Store cards, Forex cards and Smart cards.

(i) The value of the monetary unit is directly linked with a certain weight of gold.
(ii) The purchasing power of a unit of money is maintained equal to the value of a fixed weight of gold.

(i) Surplus goods were exchanged for money which in turn was exchanged for other needed goods.
(ii) Goods like furs, skins, salt, rice, wheat, utensils, weapons were used as money

(i) Exchange of goods for goods.
(ii) Commodities and services were directly exchanged for other commodities and services.

(i) Money is, what money does - Walker:
(ii) Money can be anything that is generally acceptable as a means of exchange and at the same time acts as a measure and a store of value. - Crowther.