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Economics Chapter 4

Prezi for Econ Chapter 4
by

Iain Loch

on 8 August 2014

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Transcript of Economics Chapter 4

Chapter 4:
Going into Debt

What is credit?
Reciept of money to buy goods with the promise to pay for them in the future
Principal
Amount of money originally borrowed
Interest
Installment Debt
Durable Goods
Mortgages
Deciding to use credit
Do I really require this item? Can I postpone purchasing the item until later?
If I pay cash, what will I be giving up that I could buy with this money? This is an opportunity cost.
If I borrow or use credit, will the satisfaction I get from the item I buy be greater than the interest I must pay? This is also an opportunity cost.
Have I done comparison shopping for credit? In other words, after you have determined that you are not going to pay cash for something, you should look for the best loan or credit deal, including the lowest interest rate and other conditions of repayment
Can I afford to borrow or use credit now?
Lifespan longer than 3 years
Section 2:
Sources of Loans and Credit

2 main types of credit
Is there only one type of bank?
Commericial Bank
Savings & Loan Association
Savings Bank
Charge accounts,
Credit Cards and
Debit Cards
Section 3:
Applying for
Credit

Creditworthiness
Owns his own business
Owns a house,
High income
Owns a car
Has never missed a
debt payment
Rents his house
Works for a small
company
Low income
Has missed several debt
payments
Section 4
Government Regulation of Credit
Questions -
Turn to page 86 and complete:

Matching - 4, 5, 6, 9, 10, 11 & 12
Multiple Choice - 8, 9, 10, 11, 12, 13, 14, 15, 16, 33 & 35
Complete the short answer and email it to me.
Full transcript