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Credit Unions Represent Nonprofit, Member-Owned Financial Cooperatives That Offer the Full

question 271

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Credit unions represent nonprofit, member-owned financial cooperatives that offer the full variety of banking services to their members.


Definitions:

Individual Choice

The decisions made by individuals based on their preferences and constraints.

Adam Smith

A Scottish economist and philosopher, often considered the father of modern economics, well-known for his works "The Wealth of Nations" and the concept of the "invisible hand."

The Wealth of Nations

A seminal book by Adam Smith, published in 1776, which discusses the principles of free market economics and lays the foundation for classical economics.

Economics

The social science that studies how individuals, governments, firms, and nations make choices on allocating resources to satisfy their wants and needs.

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