class 10
6. What is meant by double coincidence of wants? 1
7. What is the meaning of barter system? 1
8. The modern currency is accepted as a medium of exchange. Why? 1
9. What is a debt-trap? 1
10. What is collateral? 1
11. Why are banks unwilling to lend loans to small farmers? 1
12. What kind of credit is crucial for a country’s development? 1
13. Who issues the currency notes in India? 1
14. Whose signature is found on a 10-rupee note? 1
15. How many members does a typical SHG comprise of? 1
Answers
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Answer:
6. The coincidence of wants (often known as double coincidence of wants) is an economic phenomenon where two parties each hold an item the other wants, so they exchange these items directly without any monetary medium. ... Double coincidence of wants means that both of the parties have to agree to sell and buy each commodity.
7. Barter is an act of trading goods or services between two or more parties without the use of money (or a monetary medium, such as a credit card). In essence, bartering involves the provision of one good or service by one party in return for another good or service from another party.
8. Modern currency is accepted as a medium of exchange because it is authorized by the central government of a country. ... In India, RBI issues the currency notes and it is illegal for any other organization or individual to issue the currency.
9. Technically, a debt trap is a situation where you're forced to take fresh loans to repay your existing debt obligations. And before you know it, you get stuck in a situation where the amount of debt that you owe takes a turn for the worse and spirals out of control.
10. Collateral (Security) is an asset that the borrower owns (such as land, building, vehicle, livestocks, deposits with banks) and uses this as a guarantee to a lender until the loan is repaid. If the borrower fails to repay the loan, the lender has the right to sell the asset or collateral to obtain payment.
11. Small farmers normally have no collateral to pledge against loans. Collateral is an asset that the borrower owns and uses this as a guarantee to a lender until the loan is repaid. That is why banks have no interest to lend to small farmers. ... As a result Shiva has to sell a part of his land to repay the loan.
12. Cheap and affordable credit is crucial for the country's development due to the following factors: More lending would lead to higher incomes and encourage people to invest in agriculture, engage in business and set up small scale industries.
13. Modern currency is accepted as a medium of exchange because it is authorized by the central government of a country. ... In India, RBI issues the currency notes and it is illegal for any other organization or individual to issue the currency.
14. Dr Urjit R Patel
The Reserve Bank of India (RBI) will shortly issue new banknotes of ₹ 10 denomination, the central bank said on Friday. The new ₹ 10 notes will be in the Mahatma Gandhi (New) Series, and will bear the signature of RBI Governor Dr Urjit R Patel, the central bank said in an official statement.
15. 10-20 individuals
A SHG typically comprises 10-20 individuals, predominantly women, who save with a bank for six months before becoming eligible for credit.
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