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Unit 4 Ch 3 : Money and Credit — Social Studies STD 10 — Question

CBSE BoardEnglish MediumSTD 10Social StudiesUnit 4 Ch 3 : Money and Credit5 Marks
Question
"Whether credit would be useful or not, it depends on the situations". Give two different examples in support of this statement.
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Answer

We can give examples of Salim and Swapna (in this chapter) in support of this statement.
  1. Salim is a shoe manufacturer. He obtains credit to meet the working capital needs of production. The credit helps him to meet the ongoing expenses of production, complete production on time and thereby increase his earnings. Credit, plays a vital and positive role in this situation.
  2. Swapna is a small farmer and grows groundnuts in her three acres of land. She takes a loan from the moneylender to meet the expenses of cultivation, hoping that her harvest would help repay the loan. But the failure of crops makes loan repayment impossible. She has to sell a portion of her land to repay the loan. Credit, instead of helping Swapna improve her earnings, leaves her worse off.

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