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Q.

Credit is the ____ in which the lender supplies money to the borrower with the promise of future payment.

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Detailed Solution

Credit is the agreement in which the lender supplies money to the borrower with the promise of future payment.
Our daily activities account for a large portion of the credit in some way. Credit can be used in two ways: primarily, in the production process, to meet the production expenses. When the production is complete, the earnings can be used to pay the interest and repay the loan. Thus, credit here plays a positive role. In the second situation, a farmer takes a loan before sowing the crops. Due to the crop failure, the farmer won't be able to repay the loan and will get caught in the debt trap.

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