Case Study Questions Class 10 Economics Money and Credit
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Case study Questions in Class 10 Social Science Economics Chapter 3 are very important to solve for your exam. Class 10 Social Science Chapter 3 Case Study Questions Class 10 Economics have been prepared for the latest exam pattern. You can check your knowledge by solving case study-based questions for Class 10 Social Science Chapter 3 Money and Credit
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In CBSE Class 10 Social Science Paper, Students will have to answer some questions based on Assertion and Reason . There will be a few questions based on case studies and passage-based as well. In that, a paragraph will be given, and then the MCQ questions based on it will be asked.
Money and Credit Case Study Questions With Answers
Here, we have provided case-based/passage-based questions for Class 10 Social Science Chapter 3 Money and Credit
Case Study/Passage Based Questions
In recent years, people have tried out some newer ways of providing loans to the poor. The idea is to organize rural poor, in particular women, into small Self Help Groups (SHGs) and pool (collect) their savings. A typical SHG has 15-20 members, usually belonging to one neighbourhood, who meet and save regularly. Saving per member varies from ₹25 to ₹100 or more depending on the ability of the people to save. Members can take small loans from the group itself to meet their needs. The group charges interest on these loans but this is still less than what the moneylender charges. After a year or two, if the group is regular in savings, it becomes eligible for availing loan from the bank. The loan is sanctioned in the name; of the group and is meant to create self-employment opportunities for the members. For instance, small loans are provided to the members for releasing mortgaged land, for meeting working capital needs (e.g. buying seeds, fertilizers, raw materials like bamboo and cloth), for housing materials, for acquiring assets like a sewing machine, handlooms, cattle, etc.
(i) Fill in the blanks from the given options: In Self Help Groups, …….. decide the savings and loan activity option. (a) Reserve Bank of India (b) Members (c) Co-operatives (d) Rural Banks
Answer: (b) Members
(ii) 85% of the loans taken by the poor households in the rural areas are from which of the following sources? (a) Cooperatives (b) Government Bank (c) Informal Sources (d) Local bank
Answer: (c) Informal Sources
(iii) Which of the following aspect is correct regarding the Self Help Groups? (a) They have mainly encouraged rural women to obtain credit. (b) They have helped women to become self-reliant. (c) They have helped women to discuss on relevant issues like health. (d) All of the above
Answer: (d) All of the above
(iv) Why Self Help Groups (SHG) are growing in popularity? (a) As they provide loans at a nominal rate of interest. (b) They create self-employment opportunities for its members. (c) Both (a) and (b) (d) As members of SHG’s require collateral to get loans.
Answer: (c) Both (a) and (b)
(v) Assertion (A): Members can take small loans from the group itself to meet their needs through Self-Help Groups. Reason (R): SHGs are the building blocks of the organization of the rural poor. Codes (a) Both A and R are true and R is the correct explanation of A (b) Both A and R are true, but R is not the correct explanation of A (c) A is true, but R is false (d) A is false, but R is true
Answer: (b) Both A and R are true, but R is not the correct explanation of A
(vi) Which is one of the major reasons that prevent the poor from getting bank loans? (a) Absence of collateral (b) Lack of availability of banks in rural areas (c) Lack of approach towards formal organizations. (d) All of the above
Answer: (a) Absence of collateral
Case Study 2: The chapter “Money and Credit” in Class 10 Economics explores the concepts of money and credit and their significance in economic transactions. It delves into the functions of money as a medium of exchange, unit of account, and store of value. The chapter discusses different forms of money, including currency notes, coins, and digital money. It also examines the role of banks in providing credit and the importance of credit in facilitating economic activities. The chapter covers topics such as formal and informal sources of credit, terms, and conditions of borrowing, and the concept of collateral. Additionally, it highlights the role of the Reserve Bank of India (RBI) as the central bank in regulating the money supply and maintaining stability in the financial system.
Which chapter in Class 10 Economics focuses on money and credit?
a) Chapter 1: Development
b) Chapter 3: Money and Credit
c) Chapter 5: Consumer Rights
d) Chapter 7: Globalization and the Indian Economy
Answer: b) Chapter 3: Money and Credit
What are some of the functions of money discussed in the chapter?
a) Only medium of exchange
b) Only unit of account
c) Only store of value
d) Medium of exchange, unit of account, and store of value
Answer: d) Medium of exchange, unit of account, and store of value
What are some of the sources of credit discussed in the chapter?
a) Only formal sources of credit
b) Only informal sources of credit
c) Both formal and informal sources of credit
d) No sources of credit are discussed
Answer: c) Both formal and informal sources of credit
What is the role of the Reserve Bank of India (RBI) discussed in the chapter?
a) Providing credit to individuals and businesses
b) Regulating the money supply and maintaining stability in the financial system
c) Issuing currency notes and coins
d) Promoting consumer rights and protection
Answer: b) Regulating the money supply and maintaining stability in the financial system
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Case Study Questions Class 10 Social Science Economics Chapter 3 Money and Credit
CBSE Class 10 Case Study Questions Social Science Economics Money and Credit. Important Case Study Questions for Class 10 Board Exam Students. Here we have arranged some Important Case Base Questions for students who are searching for Paragraph Based Questions Money and Credit.
At Case Study Questions there will given a Paragraph. In where some Important Questions will made on that respective Case Based Study. There will various types of marks will given 1 marks, 2 marks, 3 marks, 4 marks.
Case Study 1
Money serves as a medium of exchange, enabling the smooth facilitation of transactions. Additionally, it functions as a store of value and a unit of measure. The progression of money can be observed through the various acceptable mediums of exchange that have emerged throughout history. The significance of money lies in its ability to enable individuals to acquire the necessities and desires they seek. It is an essential component within an economy, serving as a gateway for individuals to attain utility by deriving satisfaction from the consumption of goods and services. Money is a universally accepted form of payment utilized in the purchase and sale of goods and services, as well as in the lending and repayment of loans.
While we may be familiar with the paper currency commonly employed in our daily lives, it is important to note that money has not always existed in this particular form. Throughout human history, diverse forms of money have been utilized to facilitate economic transactions. This phenomenon is what we refer to as the evolution of money.
Q1) What do you understand by double coincidence of demand. Give an example too . Mark 2
Answer The double coincidence of demand is a concept in economics where two parties must desire each other’s goods or services, ensuring a mutually beneficial exchange. For example, in barter trade, for a baker to exchange bread for a farmer’s vegetables, both must want what the other offers. In modern economies, money serves as a medium, eliminating the need for this double coincidence.
Q2) How money act as a medium of exchange? Mark 2
Answer Money acts as a medium of exchange by serving as a universally accepted, easily tradable, and widely recognized intermediary in transactions. It eliminates the need for a “double coincidence of wants,” where both parties in an exchange must desire each other’s goods. Instead, people accept money for their products or services, knowing they can later use it to acquire goods and services they desire. This simplifies trade and enhances economic efficiency.
Case Study 2
Current forms of currency include paper notes and coins. Unlike previous forms of currency, modern money is not made of precious metals such as gold, silver, and copper. Additionally, it is not a commodity like grain or cattle that has practical use. Modern currency has little intrinsic value. However, it is accepted as a medium of exchange because it is authorized by the government.
In India, the Reserve Bank of India is responsible for issuing currency notes on behalf of the government. According to Indian regulations, no other individual or organization is allowed to issue currency. Furthermore, the law recognizes the use of the rupee as a form of payment that cannot be refused in India. No individual in India can legally reject a payment made in rupees. Therefore, the rupee is widely accepted as a medium of exchange.
A cheque is a written document instructing the bank to transfer a specific amount from the account of the individual to the person named on the cheque. Therefore, it is evident that demand deposits possess the essential characteristics of currency. The availability of checks against demand deposits enables the settlement of payments without the direct use of physical currency.
Q1) what do you understand by demand deposit in Bank ? Mark 2
Answer A demand deposit, in banking, refers to funds deposited in an account that account holders can access on demand. These accounts typically offer low or no interest but are highly liquid. They include checking accounts, where customers can write checks or make electronic transactions, ensuring easy access to their money for everyday spending or bill payments.
Q2) How demand deposit and cheque system are interlink to each other. Explain Mark 2
Answer Demand deposits and the check system are closely intertwined. Demand deposits allow account holders to access funds instantly, while checks provide a convenient method to access those funds without the need for cash. When a check is written, it’s drawn against the funds in a demand deposit account, making it a flexible and widely used means of payment, offering both security and convenience in financial transactions.
Case Study 3
The stable availability of credit for business and commerce is an essential prerequisite for investment and, consequently, economic growth in any given economy. In the case of an emerging economy such as India, the provision of credit for investments is crucial in order to achieve and maintain a high GDP growth rate. Throughout history, the banking system has been the primary and formal source of commercial credit in India, excluding government-related credit. However, in recent years, the bond market has also emerged as a significant source of credit. The expansion and increased prevalence of mutual funds and insurance firms have directed a growing portion of household savings towards corporate bonds. Additionally, non-banking finance companies (NBFCs) have played a critical role in providing credit to certain segments of borrowers who have been overlooked or underserved by traditional banks. Furthermore, there has been an increase in external commercial borrowings (ECB) by firms over the past decade, although access to ECB is regulated and represents a relatively smaller portion of domestic credit.
Q1) What do you understand by the term “terms of credit”? Mark 2
Answer “Terms of credit” refer to the conditions and arrangements under which a borrower can access and utilize credit, typically in a financial context. These terms include the interest rate, repayment schedule, collateral requirements, and any additional fees or charges. They determine the cost and terms of the loan or credit facility and are crucial in outlining the legal and financial obligations of both the borrower and the lender.
Q2) Explain two situation of lending where credit plays a positive and a negative role? Mark 2
Case Study 4
The Indian government has long prioritized the inclusion of the unbanked population in the country’s financial services. As part of this effort, a comprehensive system for delivering formal credit has been established to meet the credit needs of rural communities. However, the government-backed formal financial sector has faced criticism for its limited success in providing resources to impoverished rural households. Additionally, we find that even among borrowers in the higher quantiles of the conditional loan distribution, marginal farmers receive significantly smaller loan amounts compared to medium and large-scale farmers As an outcome of the exchange mechanism, a credit transaction is governed not only by the demand for credit but also by the lender’s willingness to extend credit. Furthermore, being an inter-temporal transaction, credit exposes the lender to post-contractual default risks. Therefore, the lender would take utmost care to ensure timely repayment of his or her dues. Hence, it is likely that the formal lender will consider a variety of factors before deciding to approve a loan application..
Q1) what are the drawbacks of taking credit from an informal organization? 1
Answer Taking credit from informal organizations may have drawbacks such as high interest rates, lack of legal protection, and unregulated practices, which can lead to predatory lending.
Q2) How formal organization helps in credit lending facilities in India ? mark 1
Answer Formal organizations in India enhance credit lending by offering lower interest rates, legal protection, credit scoring, and diverse financial products. They promote financial inclusion, receive government support, and provide savings and investment options, contributing to a robust and inclusive credit ecosystem.
Q3) what are the various steps taken by government to encourage people to use formal sector organization to take credit. Mark 2
Answer The government promotes formal sector credit usage by implementing policies like interest rate subsidies, financial literacy programs, and credit guarantee schemes. Additionally, they facilitate easier access to credit by simplifying application processes, reducing collateral requirements, and promoting the use of digital financial services, thus encouraging people to opt for formal sector lending.
Case Study 5
The contribution of Nobel Laureate Professor Mohammad Yunus, who introduced the concept of ‘self-help group’ as the ‘Bangladesh Grameen Bank’ in the 1970s to address economic issues faced by the impoverished and lower classes in Bangladesh, remains remarkable. Even today, self-help groups continue to hold great relevance. These groups enable members to provide loans to those in need from their collective savings fund, at the lowest interest rates, thereby fostering entrepreneurship and facilitating local economic activities for livelihood generation.
Self-help groups serve as a significant means of economic empowerment for grassroots communities in developing countries. Moreover, this concept has not only been embraced by ordinary individuals, but also recognized by governments and non-governmental organizations worldwide, who acknowledge the importance of self-help groups.
During the period of economic liberalization in India (1991-1992), self-help groups received special encouragement, with NABARD playing a pivotal role in this process. Simultaneously, self-help groups were utilized in the implementation of grassroots development plans during India’s Ninth Five Year Plan (1997-2002).
Q1) what do you understand by self help group. Mark 2
Answer A Self-Help Group (SHG) is a small, community-based organization comprising individuals, often from similar socio-economic backgrounds, who come together to save money, access credit, and engage in collective business activities. SHGs aim to improve the financial well-being and social empowerment of their members through mutual support, savings, and entrepreneurship. They are a common tool for poverty alleviation and women’s empowerment in many countries.
Q2) How self help group promotes economic inclusiveness? Mark 2
Answer Self-Help Groups (SHGs) promote economic inclusiveness by empowering marginalized communities, particularly women, through financial access and entrepreneurship. They facilitate savings, access to credit, and skill development, leading to increased income, reduced poverty, and improved social and economic status, fostering economic inclusivity and reducing disparities in society.
Also See : Sectors of The Indian Economy Case Study Questions
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