Cheap and affordable ____ is important for a country’s development.

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Detailed Solution

Cheap and affordable Credit is important for a country’s development.
Cheap and affordable credit is essential for a country’s development as it enables people to take more loans and enhance their economic activities to a far greater extent. These economic activities involve setting up a business and purchasing raw materials, machinery, land, capital, and investments in cars, housing, etc. Manufacturing needs a huge amount of money for the production process. Thus, credit helps them to produce goods without the hassle and more feasibly. The credit helps farmers purchase new equipment and advanced technology, such as irrigation facilities and HYV seeds, in the agriculture sector for better farm production. A country’s development is based on a cheap, affordable, fast credit system. As credit is used in different types of economic activities, it will lead to an increase in the production of goods and services.

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