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Definitions and Terms
These are a series of economic terms and their definitions.
20
History
8th Grade
02/03/2010

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Term
Taxation
Definition
The act of imposing a charge, usually of money, by authority on persons or property for public purposes
Term
Sales Tax
Definition
a tax levied on the sale of goods and services that is usually calculated as a percentage of the purchase price and collected by the seller
Term
Property Tax
Definition
a tax levied on real or personal property
Term
Balance of Trade
Definition
the difference in value over a period of time between a country's imports and exports
Term
Deductible
Definition
a clause in an insurance policy that relieves the insurer of responsibility for an initial specified loss of the kind insured against or the amount of the loss specified in such a clause
Term
Down Payment
Definition
a part of the full price paid at the time of purchase or delivery with the balance to be paid later
Term
Export
Definition
a commodity conveyed from one country or region to another for purposes of trade
Term
Import
Definition
something brought from a foreign or external source
Term
Interest Rate
Definition
the percentage of a sum of money charged for its use
Term
Income Tax
Definition
a tax on the net income of an individual or a business
Term
Capitalism
Definition
an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market
Term
Communism
Definition
a totalitarian system of government in which a single authoritarian party controls state-owned means of production
Term
Socialism
Definition
any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
Term
Production
Definition
the act or process of producing; the creation of utility; especially : the making of goods available for use
Term
Consumption
Definition
the utilization of economic goods in the satisfaction of wants or in the process of production resulting chiefly in their destruction, deterioration, or transformation
Term
Capital
Definition
a stock of accumulated goods especially at a specified time and in contrast to income received during a specified period; also : the value of these accumulated goods
Term
Labor
Definition
human activity that provides the goods or services in an economy
Term
Opportunity Cost
Definition
the added cost of using resources (as for production or speculative investment) that is the difference between the actual value resulting from such use and that of an alternative (as another use of the same resources or an investment of equal risk but greater return)
Term
Overhead Cost
Definition
an ongoing expense of operating a business such as rent, gas/electricity, wages etc
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