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25.06.2021, admin
These ncert book chapter wise questions and answers are very helpful for CBSE exam. This is also known as a debt-trap. Taking credit involves an interest rate on the loan and if this is not paid back, then the borrower is forced to give up his collateral or asset used as the guarantee, to the lender. If a farmer takes a loan for crop production and the crop fails, loan payment becomes impossible. To repay the loan the farmer may sell a part of his land making the situation worse than before.
The farmer had taken a loan to improve his situation but his situation worsens due to nonpayment of loans. Since farming is associated with high uncertainty, debt trap is common. Thus, in situations with high risks, if the risks affect a borrower badly, then he ends up losing more than he would have without the loan. Answer : In a barter system where goods are directly exchanged without the use of money, the double coincidence of wants is an essential feature.
By serving as a medium of exchanges, money removes the need for double coincidence of wants and the difficulties associated with the barter system. For example, it is no longer necessary for the farmer to look for a book publisher who will buy his cereals at the same time sell his books.
All he has to do is find a buyer for his cereals. If he has exchanged his cereals for money, he can purchase any goods or service which he needs. This is because money acts as a medium of exchange. Medium of exchange is one of the three fundamental functions of money in mainstream economics.
It is a widely accepted token which can be exchanged for goods and services. Answer : Banks accept deposits from people who have surplus money, paying interest on these deposits.
The banks use the major portion of the deposits to extend loans to those who need money, charging them slightly higher interest than what they pay to the depositors. It is with the banks help both the people benefit,person having surplus money and the person in need of money.
In this way, banks mediate between those who have surplus money and those who need money. A 10 rupee note is acceptable as a Class 10th Economics Chapter 2 Ncert Solutions Amazon medium of exchange because it is authorized by the government of India. In India, Reserve Bank of India issues currency notes on behalf of the central government.
The statement means that the currency is authorized or guaranteed by the Central Government. That is, Indian law legalizes the use of rupee as a medium of payment that can not be refused in setting transaction in India. As a promise written on a promissory note, the RBI promises the bearer to pay the given sum of money. Answer : The basic idea behind the formation of SHGs is to create self-employment for the poor, particularly rural poor woman.
Self-help groups are seen as instruments for goals including empowering women, developing leadership abilities among the poor and the needy people, increasing school enrollments and improving nutrition and the use of birth control. They also provide timely loans at a responsible interest rate without collateral. Thus, the main objectives of the SHGs are:. Answer : The banks might not be willing to lend certain borrowers due to the following reasons:.
Answer : Reserve Bank of India is the central bank of the country and works as the supervising authority over other banks across the country. The Reserve Bank of India supervises the functions of banks in a number of ways:. This is necessary to ensure equality in the economy of the country and protect especially small depositors, farmers, small scale industries, small borrowers etc. Further, RBI monitoring ensures that banks do not loan more than they are supposed to, as such an action can create a crisis situation.
Great Depression of is an example of such a crises situation. There is a huge demand for loans for various economic activities. The credit helps people to meet the ongoing expenses of production and thereby develop their business. Many people could then borrow for a variety of different needs. Students get a loan without collateral for higher education which again leads to the development of the nation.
In this way, credit plays a vital role in the development of a country. The penalty in case of default in repayment. Terms of repayment are different of bank and the money lender.
Whichever he finds easier he can consider that. Depending on these factors and of course, easier terms of repayment, Manav has to decide whether he has to borrow from the bank or the moneylender. Answer : c Employers. Ncert solution class 10 Social Science includes textbook solutions from part 1 and part 2 part 3 and part 4. Save my name, email, and website in this browser for the next time I comment.
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