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In a free-market system, the amount of output that any one household gets depends on its
Loan
A sum of money that is borrowed, typically from a financial institution, which is expected to be paid back with interest.
Effective Annual Rate
The interest rate that reflects the compound interest rate paid or earned on an investment, loan, or other financial product over a year.
Compounding Periods
The frequency with which interest is added to the principal balance of an investment, affecting its overall future value.
Time Value
The principle that money in hand today has a greater value than an identical sum received in the future because of its ability to earn more over time.
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