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LOANS: In general, transactions in which legal claims are exchanged for money. The legal claim is typically a contract or promissory note stipulating when and how the money will be repaid. The lender gives up the money and receives the legal claim. The borrower gives up the legal claim and receives the money. A loan can be either an asset or a liability, depending on who does the borrowing and who does the lending. To the borrower, a loan is a liability, something that is owed. The borrower must pay off the loan or repurchase the legal claim. However, to the lender, a loan is an asset, something that is owned. In fact, loans represent a significant part of a bank's assets.
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ALLOCATION The process of distributing resources for the production of goods and services, and of distributing goods and services for the satisfaction of wants and needs and human consumption. This allocation process is an essential part of an economy's effort to address the problem of scarcity.
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Today, you are likely to spend a great deal of time searching for a specialty store hoping to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for celebrities who speak directly to you through your television.
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A lump of pure gold the size of a matchbox can be flattened into a sheet the size of a tennis court!
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"One worthwhile task carried to a successful conclusion is worth half-a-hundred half-finished tasks. " -- Malcolm S. Forbes, publisher
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Income, Nominal Gross National Product
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