Credit
The type of credit account that allows the borrower to repeatedly borrow up to a certain limit.
Revolving Credit
the study of whole economies
Macroeconomics
The number of factors of production.
Four
Student loan..Good debt/Bad debt
Good debt
Invented by Karl Marx
Communism
Credit that accounts allow you to borrow a lump sum of money from a lender. Borrowed funds are paid back in fixed amounts, usually on a monthly basis.
Installment Credit
The total monetary value of all final goods and services produced within a country's borders in a specific time period, usually a year or quarter
GDP
All naturally occurring resources
Land
Mortgage on a house...Good debt/Bad debt
Good debt
Father of capitalism
Adam Smith
The 4 "C's" of Credit
Character
Capacity
Capital
Collateral
the branch of economics that considers the behaviour of decision takers within the economy, such as individuals, households and firms.
Microeconomics
Land comes in two forms
Renewable and nonrenewable
A statement that has information about your credit activity and current credit situation such as loan paying history and the status of your credit accounts.
Credit report
Socialist or Socialism
APR means...
Annual percentage rate
The U.S. central bank, created in 1913 to establish a monetary system that could respond effectively to stresses in the banking system.
Federal Reserve
tools, buildings, machinery
Capital
a three-digit number designed to represent the likelihood you will pay your bills on time
Credit score
A system based on private ownership of the means of production (factories, mines, businesses) and their operation for profit, where prices, production, and distribution are determined by market competition rather than state control.
Capitalism
500 Credit score...Bad,Good or Great
Bad
A physical or virtual payment card issued by financial institutions that allows cardholders to borrow funds up to a pre-approved limit to pay for goods and services.
Credit Cards
referring to the human skills, creativity, and risk-taking capacity
Entrepreneurship
The cost you pay to the lender for borrowing money to finance your loan, on top of the loan amount or your principal.
Interest rate
Examples include- China, Cuba, Laos, North Korea, and Vietnam
Communism- Modern communist countries