What is money and credit 10?
Class 10 Economics Chapter 3 describes the meaning of the term credit. An agreement in which the lender gives money, commodities or services to the borrower in return for the guarantee of future payment is termed as credit.
What is money and credit explain?
Money is a medium of exchange that enables the user make transactions and buy goods and avail services. Credit is the money borrowed from a bank or lender based on the promise that the money will be paid back in future along with interest. The flow of credit in an economy controls the money supply.
What is credit class 10 CBSE?
Credit (loan) refers to an agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future payment.
Who are traders of money and credit?
A commercial bank is a trader and creator of money.
What is Globalisation BYJU’s?
The term globalisation refers to the integration of the economy of the nation with the world economy. To put it in other words, globalisation is the method of interaction and union among people, corporations, and governments universally.
What is money Ncert?
Money is the commonly accepted medium of exchange. In an economy which consists of only one individual there cannot be any exchange of commodities and hence there is no role for money. Economic exchanges without the mediation of money are referred to as barter exchanges.
What do you mean by credit?
Credit is the ability to borrow money or access goods or services with the understanding that you’ll pay later. To the extent that creditors consider you worthy of their trust, you are said to be creditworthy, or to have “good credit.”
What is credit and why is it important class 10?
Answer: Credit means loans. It refers to an agreement in which the lender supplies the borrower with money, goods or services in return for the promise of future repayment. Cheap and affordable credit is crucial for the country’s growth and economic development.
Why is Class 10 money needed?
Money is the medium of exchange that eliminates the need for barter system. Money has several advantages as a medium of exchange those are avoiding the problem of double coincidence, Store of value, Differed payments, unit of accounting.
Who is the creator of money in India?
The Reserve Bank of India (RBI) prints and manages currency in India, whereas the Indian government regulates what denominations to circulate. The Indian government is solely responsible for minting coins.