Summary of the chapter "Money and credit"
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Credit is a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at some date in the future, generally with interest. Credit also refers to an accounting entry that either decreases assets or increases liabilities and equity on the company's balance sheet.
Money, also referred to as the money supply, is defined as anything that is generally accepted in payment for goods or services or in the repayment of debts. ... Monetary theory: the theory that relates changes in the quantity of money to changes in aggregate economic activity and the price level.
Money, also referred to as the money supply, is defined as anything that is generally accepted in payment for goods or services or in the repayment of debts. ... Monetary theory: the theory that relates changes in the quantity of money to changes in aggregate economic activity and the price level.
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