Why is credit a crucial element in the economic development class10?
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Hey there,
Credit is a crucial element in the economic development. Cheap and affordable credit plays a crucial role for the country’s development. Following are the reasons why,
The development of a country is enhanced due to the creation of agricultural/industrial facilities.
It is used by the people belonging to all kinds of backgrounds including employees and employers.
Loans and credits help middle class and lower class people to bring about major changes in their lives such as buying a car, constructing a house and etc.
The standard of living is increased because it enhances the buying power people and therefore directly has a positive impact on the economy.
I hope the answer is helpful.
⚪⚫Thanks⚪⚫
Credit is a crucial element in the economic development. Cheap and affordable credit plays a crucial role for the country’s development. Following are the reasons why,
The development of a country is enhanced due to the creation of agricultural/industrial facilities.
It is used by the people belonging to all kinds of backgrounds including employees and employers.
Loans and credits help middle class and lower class people to bring about major changes in their lives such as buying a car, constructing a house and etc.
The standard of living is increased because it enhances the buying power people and therefore directly has a positive impact on the economy.
I hope the answer is helpful.
⚪⚫Thanks⚪⚫
rahuldey5842:
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