Economics
Please reword this paragraph in your own words. Please DO NOT use the same exact words as in this paragraph.
- 1- There were some very interesting concepts in this chapter and the author laid them out in very simple terms (which I appreciate). Page 649 talks about credit cards. When you make a purchase with a credit card, you are essentially trading a loan for an asset. “Credit cards are essentially prearranged loans,” usually with high interest rates. Some people use credit cards without thinking of them this way. If people think of using them the same as taking out loans, it may deter people from using them so much. The store has an accounts receivable (an asset), that the bank exchanges for cash at a slight discount. The bank either recuperates its cash from the credit card holder if they pay the balance off, or they receive interest on the loan if they don’t.
Credit cards are not money. Money is an asset that is exchanged for goods or services. Credit cards are loans and therefore are not liabilities of banks.
I have to watch this video and write about it.
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I have to write about what I read.
3- Week 3 Electronic Reserve Readings
Read the Week 3 Electronic Reserve Readings
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