Manav needs a loan to set up a small bus | Class 10 Social Science - Understanding Economic Development Chapter Money and Credit, Money and Credit NCERT Solutions

Question:

Manav needs a loan to set up a small business. On what basis will Manav decide whether to borrow from the bank or the moneylender? Discuss.

Answer:

Manav will decide whether to borrow from the bank or the money lender on the basis of the following things:

- Comparison between the rate of interest charged by the two sources.
- Availability of the eligible documents required by the bank to approve his loan.
- Mode of repayment of the loan.


Study Tips for Answering NCERT Questions:

NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:

  • Read the question carefully and focus on the core concept being asked.
  • Reference examples and data from the chapter when answering questions about Money and Credit.
  • Review previous year question papers to get an idea of how such questions may be framed in exams.
  • Practice answering questions within the time limit to improve your speed and accuracy.
  • Discuss your answers with your teachers or peers to get feedback and improve your understanding.

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Welcome to the NCERT Solutions for Class 10 Social Science - Understanding Economic Development - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 10: Manav needs a loan to set up a small business. On what basis will Manav decide whether to borrow fro....