Basic Economics Terms

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6 Terms

1
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What is a loan?

A sum of money borrowed to be paid back w/interest: a thing that is borrowed, especially a sum of money that is expected to be paid back with interest.

2
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What is exchange value?

The proportion at which a commodity can be exchanged for other entities

3
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What is interest?

The price paid for the use of credit or money

4
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What is credit?

The ability of someone to obtain goods or services before payment, based on an agreement to pay later

5
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What happens in loan agreements?

The debtor (the person receiving the loan) will eventually pay the creditor (the person giving the loan) something extra in addition to repayment of the loan itself -- or interest

6
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What is public debt?

The money borrowed by a government to finance its expenditures when tax revenues are insufficient to cover public spending.