Study Chapter Details
UP Board Class 10 Social Science – Money and Credit
The chapter “Money and Credit” in UP Board Class 10 Social Science explains the role of money in making trade and transactions easier. Earlier, people used the barter system, where goods were exchanged directly, but it was inconvenient. Money solved this problem by becoming a common medium of exchange.
The chapter also explains the importance of banks in providing loans and saving money. Banks lend money to people and charge interest, which becomes their income. Along with banks, there are informal credit sources like moneylenders and traders, who often charge very high interest rates and can exploit borrowers.
Understanding the difference between formal and informal credit helps students learn the safer and more reliable ways of borrowing money.
