Krugman's Economics For The Ap® Course
3rd Edition
ISBN: 9781319113278
Author: David Anderson, Margaret Ray
Publisher: Worth Publishers
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Question
Chapter P6, Problem 2RQ
To determine
Goals that might require a person to borrow money.
Expert Solution & Answer
Explanation of Solution
A person needs to borrow money for the following main goals:
- Education: Education is necessary for any person in the current competitive environment to get a job or even spend a qualitative life with better experiences. To pay education fees a person needs to borrow money as he/she can achieve their targets if they have an education.
- Medical expenses: To get medical services a person requires to borrow money as it can be an emergency where a person needs funds.
- Business investments: To start up a new business or to explore a business, a person needs to borrow money so that he/she can invest in profitable projects to accomplish business goals.
Economics Concept Introduction
Introduction: Borrowing is the credit that a person borrows from any financial institution at a particular interest rate and for a specific time period to achieve his/her targets
Chapter P6 Solutions
Krugman's Economics For The Ap® Course
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