ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Accessible and affordable
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Timely and feasible
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Less and high amount of
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Cheap and affordable
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Detailed explanation-1: -Cheap and affordable credit is crucial for a country’s development. By availing such cheap sources of credit, many people can take up production activities. Thus, the overall production of the country will increase, boosting its development.
Detailed explanation-2: -An increase in borrowings would help people in growing crops, do business, set up small-scale industries etc which would add to the development aspect of a country. Therefore, affordable credit is crucial for a country’s development.
Detailed explanation-3: -Credit plays a crucial role in a countrys development. By sanctioning loans to developing industries and trade banks provide them with the necessary aid for improvement. This leads to increased production employment and profits. However caution must be exercised in the case of high risks so that losses do not occur.
Detailed explanation-4: -Cheap loans will provide the opportunity to poor families to pursue higher education by educational loans, increase the production in agriculture by providing farmers loan, likewise, there are business loans, vehicle loans, gold loan, etc.