CBSE Class 11-commerce Answered
please explain the last line of answer that is "developed indigenious banking and a favourable balance of trade".
Asked by kunal | 16 Jul, 2018, 06:54: PM
Expert Answer
Indigenous banking is the ancient banking system where an individual accepts deposits from the public and lend money such as multani bankers involved in banking business, marwaris involved in banking business along with trade. With these activities the village community have exported more of goods than the import of goods. Hence, balance of trade is favourable for the village community. Balance of trade= Export of goods > import of goods.
Answered by Tharageswari S | 17 Jul, 2018, 09:10: AM
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