Name: Exploring Money as a Medium of Exchange in Our World
Uploaded: 2019-07-19
Duration: 4 min 39 s
Description: We do different daily transactions. Let’s learn how money is a part of these transactions, how things are different than before with money, and how it is a medium of exchange.

Question

The following table shows people in a variety of occupations in urban areas. What are the purposes for which the following people might need loans? Fill in the column.

Occupations	Reasons for needing a loan
Construction worker
A Graduate student who is computer literate
A person employed in government service
Migrant labourer in Delhi
Household maid
Small trader
Autorickshaw driver
A worker whose factory has closed down

Next, classify the people into two groups based on whom you think might get a bank loan and those who might not. What is the criterion that you have used for classification?

Accepted Answer

Occupations Reasons for needing a loan

Construction worker to meet household/emergency expenses

A Graduate student who is computer literate to start a small internet cafe

A person employed in government service to buy a house

Migrant labourer in Delhi to pay rent

Household maid to meet household/emergency expenses

Small trader to expand his trade

Autorickshaw driver to buy a new auto

A worker whose factory has closed down to meet household/emergency expenses

Those who can obtain a loan from a bank are computer science graduates, a person employed in government service and a small trader. These are the people who might be able to provide collateral and necessary documents and even salary/income information to the banks.

Those who might not be able to obtain a loan are construction workers, migrant labourers in Delhi, household maids, autorickshaw drivers and workers whose factory has closed down. These people might not have assets to pledge as collateral. They might lack the documents necessary to apply for loans. Their earnings are also irregular.

NCERT Solutions for Chapter: Money and Credit, Exercise 9: ADDITIONAL PROJECT / ACTIVITY

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