Economics Money & Credit| Class 10 SST| Revision in 10 Mins 🔥

Описание: Money acts as a medium of exchange, removing the difficulties of barter like double coincidence of wants. In modern economies, currency (notes and coins) and bank deposits are the main forms of money. Bank deposits are widely accepted because they can be transferred through cheques, ATM cards, and digital payments.
Credit refers to an agreement where the borrower receives money now and repays later with interest. Credit can be useful as it helps people meet expenses, invest in farming, business, or education. However, credit can also be harmful if repayment conditions are unfair, leading to a debt trap, especially for poor farmers and workers.
There are two main sources of credit:
Formal sources: Banks and cooperatives (regulated, low interest, safe).
Informal sources: Moneylenders, traders, relatives (high interest, risky).
The Reserve Bank of India (RBI) supervises banks and ensures they follow rules, promote saving habits, and provide loans to priority sectors like agriculture and small industries. Expanding formal credit is important for economic development and reducing inequality.

🔑 Quick Keywords for Exam
Medium of Exchange
Bank Deposits
Credit Agreement
Formal vs Informal Credit
Debt Trap
RBI

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