Match the Term with Its Definition

question 74

Essay

Match the term with its definition.Some terms may not be used.
a.Consumer credit
b.Credit bureaus
c.Credit card
d.Credit
e.Installment account
f.Open charge account
g.Revolving charge account
h.Trade credit
i.Trade credit agencies
j.Value
-An alternative to cash whose use provides assurance to a seller that a buyer has a satisfactory credit rating and that payment will be received from the issuing financial institution

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Definitions:

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors.

Opportunity Cost

The cost of foregone alternatives when a decision is made, representing the benefits that could have been gained by choosing the next best alternative.

Labor-intensive

Refers to a type of industry or process that requires a large amount of human labor to produce goods or services, as opposed to being heavily automated.

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than its competitors.