Re: ::: vuaskari.com ::: Ans required

A Promise of future payment in cash or kind given in exchange for goods or service is called
a. Loan
b. Debt
c. Credit
d. Ready money

Ref: Credit transactions: The promise of future payment given in exchange for future goods/services. Increase in the country's assets acquired by foreign residents; decrease in its liabilities. Credit nation: international trade and finance is such that the total amount which is owed to the government, private ' businesses, and banks exceeds the amount owed by the country .to foreign nations http://personal.ashland.edu/jgarcia/International%20economics/intlfinance.htm

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