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Economics Terms Unit 2
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Define Collateral
Propery or valuables pledged as security for a loan.
Define Cosigner
Person who signs a load and is liable for repayment
Define Credit Discrimination
A creditor who denies credit or treasts a cosumer less favorable because or race, sex, religion, or marital status
Define Credit life and Health insurance
Policy purchased by consumer,which repays redit in the even of his/her death or disablitlity
Define Creditworthiness
Consumer's past and future ability to repay credit as determine by a creditor
Define Down Payment
Money that a consumer pays toward the purchase of a good.
Define Joint Account
Credit account which may be used by more than one person
Define Prohibited Factors
Characteriestics about a person which cannot be used by a creditor as a basis for denying credit.
Define Secured Credit
Credit arrangement where a consumer pledges good or property as collateral.
Define Unsecured Credit
Credit arrangeent in which no collateral is pledged.
Author
jotis
ID
20107
Card Set
Economics Terms Unit 2
Description
Economics Terms for Unit 2 (PCHS)
Updated
2010-05-21T00:45:21Z
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