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Social Science: Money and Credit: Role of Money in an Economy - Role of Money in an Economy

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ConceptRole of Money in an Economy

Question

Explain with examples how people are involved with the banks.

Solution

People are involved with the banks in the following ways:

Banks are essential for money transaction everywhere.

Banks help in providing employment to the people.

People can safely keep their jewellery and other valuables in the bank lockers.

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Solution Concept: Role of Money in an Economy.
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