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Harry is a computer company executive, earning $200 per hour managing the company and promoting its products. His daughter Quinn is a high school student, earning $6 per hour helping her grandmother on the farm. Harry's computer is broken. He can repair it himself in one hour. Quinn can repair it in 10 hours. Harry's opportunity cost of repairing the computer is lower than Quinn's.
Economic Conditions
The state of a country's economy, influenced by factors such as GDP, unemployment rates, and inflation.
Five Cs of Credit
A set of criteria used by lenders to gauge a borrower's creditworthiness: character, capacity, capital, collateral, and conditions.
Capacity
The highest level of production a company can maintain to produce a good or deliver a service.
Collateral
An asset pledged as security for repayment of a loan, to be forfeited in case of default.
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