1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
iris [78.8K]
3 years ago
15

What are the two categories of sources of credit? Mention four features of each?

Social Studies
1 answer:
mafiozo [28]3 years ago
4 0

Answer:

The two categories of sources of credit are formal and informal sources.

Explanation:

The formal source of credit as the name implies is an official means of obtaining loans. Its features include,

1. It is administered by corporate institutions like banks and other lending bodies.

2. It is regulated by a body in the relevant country.

3. There are recognized and standard interest rates that must be paid by the borrower.

4.  It is guided by laws which both parties are expected to keep.

The Informal sources of credit are unofficial means of borrowing funds There features include,

1. They can be obtained from friends, relatives, and acquaintances.

2. There are no standard interest rates as these are determined by the lenders.

3. There are no official bodies to regulate the lending process.

4. They are mostly used by poor businessmen and women who need small loans.

You might be interested in
What is the main purpose of police?
choli [55]
Police officers are doing the work given by the government and help the people and protect the people from the thieves and killers
5 0
3 years ago
Which practice decreased in New England over time?
sergeinik [125]
B. population of the region 
5 0
3 years ago
Read 2 more answers
Why have some criticized utilitarianism on the basis that it is the ‘morality of swine’? How does Mill address this objection?
Elodia [21]

Answer:

Explanation:

As a theory, utilitarianism is usually thought to start with Jeremy Bentham, however, similar ideas were evident in the writings of David Hume in An Enquiry Concerning the Principles of Morals (1)and Francis Hutchinson, whom David Hume studied under, in his An Inquiry into the Original of Our Ideas of Beauty and Virtue (2). Utilitarianism tells us an act is moral insofar as it creates the greatest good for the greatest number. It tells us to take the amount of happiness distributed between sentient beings and look at which distribution is going to maximise the amount of happiness. It gives a systematic answer. Throughout the past two centuries utilitarianism has been very influential within practical disciplines of politics and economics. As a result, utilitarianism has had an influence modern life, particularly public policy. What could be more important when making political deliberations than aiming to make people’s lives better and less unhappy?

One of the first utilitarian theorisers, Jeremy Bentham, is famously credited for being the founder of the doctrine. Bentham defined utility as “instrumental to happiness”. He believes that all judgements of good and bad can be based on pleasure and pain. He is seen as an advocate of psychological hedonism. In his famous introduction of An Introduction to the Principles of Morals and Legislation (1979), Bentham states “Nature has placed man under the governance of two sovereign masters, pain and pleasure.” Therefore, pain and pleasure provide the basis for his moral theory of ‘what we ought to do’. Initially, he began his career by studying law and then moved on to moral ethics in order to advise legislators. He was primarily interested in improving the law and his goal for the legislator was the utilitarian principle or the greatest happiness principle. Therefore, his advice was not initially aimed for individuals and their life choices but for the legislator. Although Bentham sees pleasure as the key of explaining how human beings act, he relies more often on the concept of pain when constructing his legal theory. While he does endorse act-utilitarianism, his ‘sanction-based’ theory of obligation is more applicable to the legal system he was so interested in improving.

John Stuart Mill is also one of the most well-known utilitarian thinkers and defenders of the theory. His celebrated thoughts can be found in his famous essay: Utilitarianism. Mill observes something of a crisis in moral thinking. Philosophical thinkers have been unable to come to a consensus on the principle of what constitutes right and wrong. Mill argues that having such a foundation is necessary to legitimise morality. This is why the theory of utilitarianism is so important.

Jeremy Bentham and John Stuart Mill categorise and measure utility and pleasure in different ways. Bentham uses the hedonic calculus which decides the value of pleasure by seven measures of quantity: duration, intensity, certainty or uncertainty, remoteness or propinquity, fecundity, extent and purity. Bentham is well-known for his treating of all pleasures as of equal value. By this he means not that all pleasures are of exactly equal, but that the legislator who his work on utilitarianism is aimed at should not be valuing one pleasure above another.

John Stuart Mil’s idea of higher and lower pleasures has been viewed as flawed in itself. It has been criticised as a self-serving idea. For example, an intellectual will view his preferred enjoyments as a higher, more important pleasure. Therefore, as an intellectual, it could be argued that Mill himself is biased towards what constitutes as higher and lower pleasures.

6 0
3 years ago
A schedule of reinforcement in which reinforcement occurs after a fluctuating number of behaviors is called a(n)
blondinia [14]
<span> The correct answer is variable ratio schedule.</span>
8 0
4 years ago
Which type of study is a mainstay of behavior-genetics research?
Taya2010 [7]
Epigenetic perspective
6 0
3 years ago
Other questions:
  • When the Fourteenth Amendment was ratified by Georgia in 1868, Georgia was readmitted into the Union and citizenship was granted
    11·2 answers
  • Why does the major believe that a man must not marry?
    14·2 answers
  • Please Please Please Please Please Please Please Please Please Please Please Please help
    12·2 answers
  • Yolanda vacillates between feeling extremely positive feelings for her friend to having extreme negative feelings for her, often
    8·1 answer
  • Why did poor formers want to organize a new populist party ?
    7·1 answer
  • *
    13·1 answer
  • Why dont people have control over the government?
    7·2 answers
  • Surfing the Web, you come across a website for Dr. Anderson’s Breast Cream. The website claims that daily use of her breast enha
    5·2 answers
  • What was A civil rights organization that was formed in 1942?!
    15·1 answer
  • CAN SOMEONE WHO IS NICE GIVE ME SOME MORE POINTS<br><br><br><br><br> THANK YOU
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!