Question

what is concept of money and credit chapter​

Answer 1

Explanation:

Credit is any form of deferred payment. ... The consumer is given money, which it later has to pay back to the bank. Money. Money is any item or electronic record that can be used for the purchase of goods, provide a store of account, and can be used as a medium of exchange.

Answer 2

Basically,money is traditionally considered as a unit or medium of exchange when a good or service is bought and sold in the market.

When the money is loaned out to someone which the recipient has to pay back sometime in future with interest payment is usually called credit.

Explanation:

In basic terms,credit refers to a financial liability where an individual takes some short term or long term financial loan from any financial entity such as a bank,he or she is liable to pay it back in full within specified time period in future.When any individual borrows money bank or other financial institution,it is termed as credit in financial terms which he or she is liable to pay back under the concerned terms and conditions.Examples of credit can be credit card or bank loans or any payment done through credit or deferred transaction.

Money is generally considered as a unit or medium of exchange during the trading or buying and selling of goods and services.It is also considered as a store of value.Now,money can be used in different forms or types such as debit cards,electronic cash,liquid cash or currency notes,bank cheque and so forth.Therefore,it basically indicates payment of market value of any commodity or service.