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Definition
| one or more people who occupy a housing unit |
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| somethign generally accepted as a medium of exchange, a measure of value, or a means of payment. |
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Term
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| literally, "the consumer as ruler"; meeting the consumers needs is the only important function of an economy |
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Term
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| rivalry in buying and selling |
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| expenditures for public needs, such as education, highways, and police |
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Definition
| a situation in which few sellers control the majority of the supply of a product or service |
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Term
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Definition
| a situation in which numerous sellers have similar or identical products and services |
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Term
| Principle of diminishing marginal utility |
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Definition
| the concept that consuming more of a product or service with a given period will at some point result in diminishing utility. For example, regardless of price, an individual will only consume so many haircuts in a six-month period. Thus, the per-unit power of the product to satisfy a human want decreases. |
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Term
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Definition
| a movement whose objective is to ensure that the consumer will pay a fair price for quality goods and services in the market |
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Definition
| paying another company to provide services that a company might otherwise have employed its own staff to perform. Often, the "outside" employees are located overseas (offshoring) |
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Term
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Definition
| generally, local organizations developed to represent specific issues and goals. |
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Term
| Gross National Product (GDP) |
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Definition
| the total value of goods and services produced by an economy in a given year |
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Term
| Gorss Domestic Product (GDP) |
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Definition
| the total value of goods and services produced for consumers within US borders |
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Term
| Net National Product (NNP) |
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Definition
| The gross national product minus depreciation |
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Term
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Definition
| The net national product minus indirect business taxes |
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Term
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Definition
| the total wages, rent, interest, dividends, transfer payments, and unincorporated net income. |
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Term
| disposable personal income |
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Definition
| the amount of income left after deducting personal taxes from personal income. |
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Term
| Per capita disposable income |
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Definition
| the total disposable personal income divided by current total population figures |
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Term
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Definition
| that portion of disposable income remaing after paying basic necessities |
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Term
| law of diminishing returns |
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Definition
| a principle holding that, after a given time, increasing use of a labor and capital combined with a fixed amount of land will produce progressively smaller yields. |
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Term
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Definition
| a principle of consumption referring to the tendency to purchase combinations of things |
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Term
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Definition
| the principle holding that as more of a given product is consumed, per-unit satisfaction of the product declines |
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Term
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Definition
| a principle of consumptions referring to the desire to accumulate different kinds of goods |
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Term
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Definition
| a principle of consumption concerning the desire to obtain an unlimited amount of goods and services |
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Definition
| the process whereby an immigrant group gradually adopts the characteristics of the new culture. |
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Term
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Definition
| learned patterns of behavior and symbols passed on in society from one generation to the next. |
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Term
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Definition
| a group that influences an individuals attitudes or behavior. |
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Term
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Definition
| the amount of pay one receives |
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Term
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Definition
| the amount of goods and services that ones money income will purchase |
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Term
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Definition
| the satisfaction gained in consuming the goods and services purchased with ones income. also referred to income in a form other than monetary, such as power, prestige, job satisfaction, and so forth. |
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Term
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Definition
| a tool of government to achieve economic goals through its power to tax and spend |
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Term
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Definition
| the governments attempt to achieve economic goals by regulating the supply of money and credit through the federal reserve system |
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Term
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Definition
| a tax that requires a larger fraction of income as income increases. |
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Term
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Definition
| a tax that requires the same fraction of income from all income levels. some income taxes at the state level require a specific percentage to be paid by all. |
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Term
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Definition
| a tax requiring a smaller fraction of income as that income increases. Sales tax is an example of a regressive tax; the tax is measured against what is spent, which for low-income taxpayers is a larger proportion of their income. |
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Term
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Definition
| deductions and expenditures that reduce actual taxes due. These also are called tax loopholes. |
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Term
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Definition
| deductions and expenditures that reduce actual taxes due. these also are called tax loopholes |
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Term
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Definition
| the percentage of taxes paid on the top dollars worth of taxable income |
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Definition
| a tax assessed on imported goods |
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Term
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Definition
| a limitation placed on the quantity of a product permitted to be important |
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Term
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Definition
| the amount of a product or service that buyers will purchase at a specific price. |
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Term
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Definition
| the power of an economic product or service to satisfy a human want |
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Term
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Definition
| a series of amounts of a product or service that buyers will purchase at a series of prices at a given time in a given market |
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Term
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Definition
| an insufficient rise in demand for a product or service in relation to a reduction in its price, leading to a decline in total sales revenues |
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Term
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Definition
| a rise in demand for a product or service in proportion to the reduction in its price, which leads to a rise in total sales revenues |
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