Give a short explanation of money and credit chapter of class 10.
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Answers
Modern form of Money
In the early ages, Indians used grains and cattle as money. Thereafter came the use of metallic coins – gold, silver, copper coins – a phase which continued well into the last century. Now, the modern forms of money include currency – paper notes and coins. The modern forms of money – currency and deposits – are closely linked to the workings of the modern banking system.
Terms of Credit
Every loan agreement specifies an interest rate which the borrower must pay to the lender along with the repayment of the principal. In addition, lenders also demand collateral (security) against loans.
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.
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Answer:
Do you know telugu.?
Explanation:
Money and Credit Class 10 Notes Social Science Economics Chapter 3. Money: Money acts as an intermediate in the exchange process & it is called medium of exchange. ... The reason as to why transactions are made in money is that, a person holding money can easily exchange it for any commodity or service that he or she wants ...