List the Five Benefits or Advantages Associated with Credit Cards

question 50

Essay

List the five benefits or advantages associated with credit cards.What are the two major disadvantages?

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Definitions:

Bowed Out

describes a convex curve in economics, typically referring to an indifference curve or a production possibilities frontier, suggesting increasing opportunity costs.

Production Possibilities Curve

A graphical representation showing the maximum number of goods or services that can be produced within a given set of resources.

Suited

The term "suited" refers to being appropriately fitted or tailored for a specific purpose or situation.

Increasing Opportunity Costs

The concept that as the production of one good is increased, the opportunity cost of producing additional units rises.