Examlex
Define the following terms and explain their importance to the study of economics.
a. public good
b. externality
c. irreversible decision
d. moral hazard
e. rent seeking
Credit Score
A numerical expression based on a level analysis of a person's credit files, representing the creditworthiness of an individual.
Terms of Sale
The conditions under which a seller will sell and deliver goods to a buyer, detailing payment terms, delivery times, and other conditions of the sale.
Granting Credit
The process of providing a loan or other form of credit to a borrower or customer, often with specific terms and conditions.
Net Present Value
A calculation used to assess the profitability of an investment or project, considering the time value of money by discounting future cash flows to their present value.
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