Liability — Social Studies definition
Defined in 2 courses:
- Responsibility for a legally recognized obligation or harm. (Ancient Civilizations)
- An obligation owed by an entity. (Government, Civic Participation & Economics)
Where it is taught
- Law, Authority & Unequal Status in Early States — River Civilizations of the Eastern Hemisphere, Ancient Civilizations, Grade 6
- Money, Bank Balance Sheets & the Federal Reserve — Measuring the Economy & Public Policy, Government, Civic Participation & Economics, Grade 12
In use
A deposit is a liability of the bank to the depositor; a loan is an asset of the bank and an obligation of the borrower.
Money, Bank Balance Sheets & the Federal Reserve