What Are the Differences Between Economic Cost and Accounting Cost

question 158

Essay

What are the differences between economic cost and accounting cost?

Understand the prohibitions under the Equal Credit Opportunity Act against discriminatory lending practices.

Know the consumer rights and creditor limitations under the Fair Credit Billing Act.

Understand the liability and consumer rights in case of unauthorized credit card charges.

Identify the legislation aimed at preventing credit and loan discrimination practices.

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Definitions:

Stagflation

A situation in an economy where there is slow economic growth, high unemployment, and rising prices simultaneously.

Inflation

The escalation rate of average prices for goods and services, which deteriorates buying power.

Disinflation

A decrease in the rate of inflation, indicating a slowdown in the rate at which prices increase.

Deflation

A reduction in the overall price of products and services, frequently linked with a rise in the value of currency.