credit

Vocabulary Word

Definition

'Credit' is a two-way concept; it can be the ability to receive goods or services before payment, with trust that payment will be made soon. It can also mean acknowledgment or praise for something we did well.

Examples in Different Contexts

In finance, 'credit' is fundamental for facilitating trade and consumption. A bank manager might say, 'By extending credit, we empower customers to make purchases now and pay later, fueling economic activity.'

Practice Scenarios

Business

Scenario:

The client is keen on the product but is requesting for payment flexibility. How should we proceed?

Response:

Let's offer the client credit terms that allow for payment over six months.

Tech

Scenario:

I noticed the team has put in a lot of extra effort on this project. We should find a way to acknowledge their hard work appropriately in our documentation.

Response:

We can add a 'Credits' section in our project documentation where each contributor is acknowledged.