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.
Libertarian party believes in liberatarianism, American independent party believes in written code of law, free soil party fought for anti slavery and tea party fought for less taxation and minimum government intervention
Explanation:
These are the minor parties which existed in Unites states. Libertarian party aims for capitalistic form of government and held that individual rights are significant than the government intervention in the form of policies. American independent party founded by George Wallace believed in the written constitutional law and emphasized that the states have the rights to implement the local affair policies and educational system.
Free soil party existed before the civil war and it fought for the annihilation of slavery and tea party movement aimed for lowering taxes and minimum government intervention in the private sector.
The constitution and the declaration of the independence had a very delicate balance to strike as they were supposed to protect the individual rights of the citizen and also create a strong federal government.
Explanation:
Declaration of independence states that an individual is born with some natural and inalienable rights and those rights cannot be seized or surrendered. Declaration states that government must safeguard the rights of the people, if failed then the people have the power to dissolve and replace the government.
Articles of confederation proved to be weak and the anti federalists argued to add the supplementary document to the constitution and that is bill of rights. This bill of rights states the additional rights such as freedom of religion and press, right to arms, quartering of soldiers, protection to the people during unreasonable searches and raids.
