ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -something that is owed or that one is bound to pay to or perform for another: a debt of $50. a liability or obligation to pay or render something: My debt to her for advice is not to be discharged easily. the condition of being under such an obligation: His gambling losses put him deeply in debt.

Detailed explanation-2: -A liability is something a person or company owes, usually a sum of money. Liabilities are settled over time through the transfer of economic benefits including money, goods, or services.

Detailed explanation-3: -Debt comes from the Latin word debitum, which means “thing owed.” Often, a debt is money that you must repay someone. Debt can also mean the state of owing something-if you borrow twenty dollars from your brother, you are in debt to him until you pay him back.

Detailed explanation-4: -Debtors can owe money to banks, or individuals and companies. Debtors owe a debt that must be paid at some time in the future.

Detailed explanation-5: -A debt is a sum of money that you owe someone.