Money and Credit
Haryana Board · Class 10 · Social Science
Flashcards for Money and Credit — Haryana Board Class 10 Social Science. Quick Q&A cards covering key concepts, definitions, and formulas.
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Explore the full setWhat is the main problem that money solves in an exchange system?
Answer
Money solves the problem of 'double coincidence of wants' in a barter system. In barter, both parties must want what the other has to offer. For example, a shoe manufacturer wanting wheat must find a …
Double Coincidence of Wants
Answer
A situation in barter system where both parties must want what the other person is offering for exchange to take place. This is an essential feature of barter systems but creates difficulties in trade…
Why is modern currency accepted as money even though it has no intrinsic value?
Answer
Modern currency is accepted because: 1) It is authorized by the government 2) In India, Reserve Bank of India issues currency on behalf of the central government 3) Indian law makes rupee legal tender…
Demand Deposits
Answer
Money deposited in bank accounts that can be withdrawn on demand by account holders. These deposits earn interest and can be withdrawn anytime through cheques or withdrawal slips. They are considered …
Salim writes a cheque for ₹5,000 to Prem for leather supply. Explain how this payment gets processed.
Answer
1) Salim writes cheque instructing his bank to pay ₹5,000 to Prem 2) Prem deposits the cheque in his bank account 3) Prem's bank contacts Salim's bank 4) Money is transferred from Salim's account to P…
How do banks use the deposits they receive from customers?
Answer
Banks keep only 15% of deposits as cash reserves for daily withdrawals. The remaining 85% is used to give loans to borrowers. Banks act as intermediaries between depositors (who have surplus money) an…
Credit (Loan)
Answer
An agreement where the lender provides money, goods, or services to the borrower in return for a promise of future payment. Credit involves terms like interest rate, collateral requirements, repayment…
Compare Salim's and Swapna's credit situations - what made the difference in outcomes?
Answer
Salim's Success: Got credit for working capital, completed production on time, made profit, repaid loans easily. Swapna's Problem: Took loan for cultivation, crop failed due to pests, couldn't repay, …
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