Class 10 Exam > Class 10 Notes > Social Studies (SST) Class 10 > Mnemonics: Money and Credit
Mnemonics: Money and Credit | Social Studies (SST) Class 10 PDF Download
1. Functions of Money
Mnemonic: MUS
- M – Medium of Exchange
- U – Unit of Account
- S – Store of Value
Explanation: Money makes trade easy, gives value to goods, and keeps its worth over time.
2. Barter System
Mnemonic: BARTER
- B – Before money existed
- A – Always needed double wants
- R – Restricted trade
- T – Tough to carry goods
- E – Exchange was limited
- R – Rarely efficient
Explanation: The barter system needed a double coincidence of wants, making trade difficult.
4. Two Credit Situations
Mnemonic: GOOD vs. BAD
- G – Growth for Salim
- O – Order completed with credit
- O – Outcome is profit
- D – Debt repaid easily
Explanation: Salim used credit successfully to grow his business. - B – Borrowed by Swapna
- A – Agricultural failure
- D – Debt trap begins
Explanation: Swapna fell into a debt cycle due to crop failure and high interest.
5. Formal vs. Informal Credit
Mnemonic: FAIR vs. RISK
FAIR (Formal):
- F – Follows RBI rules
- A – Affordable rates
- I – Includes banks & cooperatives
- R – Reports to RBI
Explanation: Formal sources offer safer, regulated credit.
RISK (Informal):
- R – Random interest
- I – Irregular checks
- S – Source: moneylenders, traders
- K – Known for high costs
Explanation: Informal sources are unregulated and often exploitative.
6. Need for More Formal Credit
Mnemonic: NEED
- N – Narrow the credit gap
- E – Enable poor to access loans
- E – Expand formal lending in rural areas
- D – Develop small businesses
Explanation: Expanding formal credit helps reduce poverty and grow the economy.
7. Self Help Groups (SHGs)
Mnemonic: SHG POWER
- S – Savings pooled together
- H – Help without collateral
- G – Group-based decisions
- P – Poor get timely loans
- O – Organize social action
- W – Women empowered
- E – Enable self-employment
- R – Reasonable interest
Explanation: SHGs give small loans to the poor, especially women, and support community welfare.
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FAQs on Mnemonics: Money and Credit - Social Studies (SST) Class 10
| 1. What is the definition of money in the context of economics? |  |
Ans. Money is defined as a medium of exchange that facilitates transactions for goods and services. It serves three primary functions: a unit of account, a store of value, and a medium of exchange, allowing people to trade without the complexities of barter.
| 2. What are the different types of credit available to consumers? | |
Ans. The different types of credit available to consumers include credit cards, personal loans, mortgages, and auto loans. Each type serves a specific purpose, such as financing purchases, managing daily expenses, or acquiring property or vehicles.
| 3. How does the banking system influence the availability of credit? | |
Ans. The banking system influences the availability of credit through its policies on interest rates, reserve requirements, and lending practices. By adjusting these factors, banks can either expand or contract the amount of credit available to consumers and businesses, impacting overall economic activity.
| 4. What are the advantages and disadvantages of using credit? | |
Ans. The advantages of using credit include the ability to make large purchases without immediate payment, building a credit history, and potentially earning rewards. However, disadvantages include the risk of accumulating debt, high-interest rates, and the impact on credit scores if payments are missed.
| 5. What role does the Reserve Bank play in regulating money and credit? | |
Ans. The Reserve Bank plays a crucial role in regulating money and credit by setting monetary policy, controlling interest rates, and ensuring financial stability. It uses tools like open market operations and reserve requirements to manage the money supply and influence economic growth.
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