Economy, asked by drishyagireesh123, 5 months ago

Distinguish between Formal and Informal source of credit.Write 5 points. Give example also (Class10th economics)

Answers

Answered by nishadhani7

Answer:

⋆⫷❥ᴀ᭄n §₩ΣR⫸⋆

Explanation:

The main motive of formal sources is social welfare whereas the main motive of informal sources is profit-making. Banks and cooperatives are the example of formal sources and moneylenders, traders, employees, friends and relatives etc are the example of informal sources.

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