Defined:An asset that is responsible for a debt.
How far are you in your understanding? I can:
1.0: Write a factual statement (not definition) concerning a liability
2.0: In your own word (not the teacher's), define liabilities.
3.0: Decide if an individual is considered an economic liability.
4.0: How can you avoid having more liabilities than assets? Write a paragraph explaining your answer with detail. (Try to include terms from 6th grade's Unit 2.1)