1. What is finance? Your answer must be from your own word
2. Eddie Murphy is the Co-owner of Just for Laugh Comedy Club (JLCC), located in Chicago. After a careful analysis of the local economy, Mr. Murphy believes that the economy is strong, and it is not going into recession any time soon. Still, his Comedy Club needs to be remodeled. Therefore, they need to raise $50,000. Immediately, and borrowing is their best option. Should Eddie and his partner borrow the required $50,000 on a long-term or short-term ground? Explain your answer.