What is money and credit
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Credit money is any future monetary claim against an individual that can be used to buy goods and services. There are many forms of credit money, such as IOUs, bonds and moneymarket accounts. Virtually any form of financial instrument that cannot or is not meant to be repaid immediately is credit money. plz mark me as brainlist
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Credit
Credit is any form of deferred payment. For example, if you purchase on a credit card – a bank effectively pays on your behalf – anticipating you will pay back the amount to the credit card company in six weeks time.
If a bank lends money to a consumer, this is a form of credit. 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.
If you buy on a debit card, you are using actual money in your bank account. You have a certain amount, and once your bank account is depleted, you can’t spend any more money. People will accept your money as legal tender in that country.
Credit is any form of deferred payment. For example, if you purchase on a credit card – a bank effectively pays on your behalf – anticipating you will pay back the amount to the credit card company in six weeks time.
If a bank lends money to a consumer, this is a form of credit. 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.
If you buy on a debit card, you are using actual money in your bank account. You have a certain amount, and once your bank account is depleted, you can’t spend any more money. People will accept your money as legal tender in that country.
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