💰 Money and Credit – The Backbone of Modern Economy! скачать в хорошем качестве

💰 Money and Credit – The Backbone of Modern Economy!

In earlier times, people used the barter system where goods were exchanged for goods. This system had many problems like lack of double coincidence of wants and difficulty in storing value. To overcome these problems, money was introduced as a medium of exchange. Modern forms of money include currency (notes and coins), bank deposits, cheques, ATM cards, and digital payments like UPI. In India, currency is issued by the Reserve Bank of India. Money performs four main functions: Medium of exchange Measure of value Store of value Standard of deferred payments Credit refers to a loan given by a lender to a borrower with a promise to repay later with interest. Credit can help increase income if used properly, but it can also lead to debt if misused. There are two main sources of credit: Formal sources (banks and cooperative societies) Informal sources (moneylenders, traders, relatives, friends) Formal sources are safer and usually charge lower interest rates compared to informal sources. Overall, money simplifies trade and credit supports economic activities, making them essential parts of the modern economy. #class10 #students #studentsuccess #economy #economics #money #credit #exampreparation #learning