LET’S WORK THESE OUT
Jharkhand Board Social Science Solutions for Exercise - LET’S WORK THESE OUT
Simple step-by-step solutions to LET’S WORK THESE OUT questions of Money and Credit from Understanding Economic Development (Social Science). Also get 3D topic explainers, cheat sheets, and unlimited doubts solving on EMBIBE.
Questions from LET’S WORK THESE OUT with Hints & Solutions
Mr. Salim wants to withdraw cash for making payments. How would he write a cheque to withdraw money?
A shoe manufacturer, M. Salim has to make a payment to the leather supplier and writes a cheque for a specific amount. This means that the shoe manufacturer instructs his bank to pay this amount to the leather supplier. The leather supplier takes this cheque, and deposits it in his own account in the bank. The money is transferred from one bank account to another bank account in a couple of days. The transaction is complete without any payment of cash.
Choose the correct answer.
Why are demand deposits considered as money?
What do you think would happen if all the depositors went to ask for their money at the same time?
