Term
|
Definition
| resources that are in a relatively large supply |
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|
Term
|
Definition
| the money available to the client of a bank |
|
|
Term
|
Definition
| informing consumers about a good or service particularly by praising it |
|
|
Term
|
Definition
| the method by which a business lets the consumer know about its good or service |
|
|
Term
|
Definition
|
|
Term
|
Definition
| to use for a particular purpose |
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Term
|
Definition
| the distribution of the available factors of production among the various uses to which they might be out |
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Term
|
Definition
|
|
Term
| APR annual percentage rate |
|
Definition
| the interest rate or the cost of credit for one year |
|
|
Term
|
Definition
| the settlement of a dispute by a person or persons chosen to hear both sides and come to a decision |
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|
Term
|
Definition
| an arrangement in which a product is assembled |
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|
Term
|
Definition
|
|
Term
|
Definition
| the preset amount of credit available |
|
|
Term
| average per capital income |
|
Definition
| average earnings of a persons in a specific market area |
|
|
Term
| Average per family income |
|
Definition
| average earnings of families in a specific market area |
|
|
Term
|
Definition
| the amount of money one has in a bank account |
|
|
Term
|
Definition
| a card like visa or mastercard that lets one make purchases or obtain cash advances |
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|
Term
|
Definition
| the direct trade or exchange of goods or services |
|
|
Term
|
Definition
| anything that is helpful or advantageous |
|
|
Term
|
Definition
| to use money belonging to another person or financial institution |
|
|
Term
|
Definition
| a person who acts as an agent in making contracts, sales, stocks, bonds, or real estate |
|
|
Term
|
Definition
| a plan for the use of time money, or resources |
|
|
Term
|
Definition
| expenditures in excess of revenues, particularly government expenditures in excess of tax revenue, financed by borrowing or money creation. |
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|
Term
|
Definition
| excess of revenue over expenditures |
|
|
Term
|
Definition
| a basic economic unit;an organization of buying of and hiring of resources |
|
|
Term
|
Definition
| a predictable long term pattern of alternating periods of economic growth (recovery) and decline (recession) |
|
|
Term
|
Definition
| a pro. who systematically manages the tasks of the busniess to achieve success |
|
|
Term
|
Definition
1. one of the factors of production
2. a manmade resource used in the production of goods and services
3. durable goods used to produce final goods and services also called capital goods or capital resources |
|
|
Term
|
Definition
| addition to the stock of capital goods; also called capital growth |
|
|
Term
|
Definition
| tools, machinery, builidings, etc. used to produce final goods or services;see capital |
|
|
Term
|
Definition
|
|
Term
|
Definition
| goods made by people and used to produce other goods and services;also called intermediate goods |
|
|
Term
|
Definition
| an economic system based on private ownership of property or productive resources |
|
|
Term
|
Definition
| interest paid to a business when the firm allows one to purchase goods or services on credit |
|
|
Term
|
Definition
| an organization of producers designed to limit competition (OPEC) |
|
|
Term
|
Definition
|
|
Term
|
Definition
| the full price one pays for a good or service |
|
|
Term
|
Definition
| a written order to a bank |
|
|
Term
|
Definition
| a bank, credit union, or other financial institution |
|
|
Term
|
Definition
| the amount of money deposited in checking accounts |
|
|
Term
|
Definition
| alternatives what someone must make when faced with 2 or more alternatives |
|
|
Term
|
Definition
| a model of an economy showing the interactions between households and businesses |
|
|
Term
|
Definition
the government of the local town or incorporated municipality
example: the governmenht of the city of lakeland |
|
|
Term
|
Definition
1. one of the components of the money supply
2. a piece of metal stamped with a design |
|
|
Term
|
Definition
| assets that can be pledged to obtain a loan |
|
|
Term
|
Definition
| bargaining by a comitee or union |
|
|
Term
|
Definition
| a farm owned and operated by the state |
|
|
Term
|
Definition
| an economy in which decisions are made by the government |
|
|
Term
|
Definition
| a group of contries that agree to eliminate all tariffs |
|
|
Term
|
Definition
| afinancial institution whos main function is to accept deposits |
|
|
Term
commission
(committee) and missoion) had a babay |
|
Definition
| a sum or percentage paid to an agent for their services |
|
|
Term
|
Definition
| goods produced to satisfy wants |
|
|
Term
|
Definition
| econmocic system in which all productive resources are owned collectively |
|
|
Term
|
Definition
| to examine for similarities |
|
|
Term
|
Definition
| the ability to produce a good or service at a lower oppurtunity cost than someone else |
|
|
Term
| law of comparitive advantage |
|
Definition
| the principle that given the freedom to respond to market forces |
|
|
Term
|
Definition
|
|
Term
|
Definition
| the efforts of two or more businesses |
|
|
Term
|
Definition
| a person or film which competes with others |
|
|
Term
|
Definition
| goods or services that tend to be used together |
|
|
Term
|
Definition
| interest paid upon money deposited in an account |
|
|
Term
|
Definition
| the wise use of natural resources |
|
|
Term
|
Definition
|
|
Term
|
Definition
| people or businesses whos wants are satisifed by using goods and services |
|
|
Term
|
Definition
|
|
Term
consumer price index
(CPI) |
|
Definition
| the measure of the average percentage change in the price of a set of commodities commonly bought by housewholds |
|
|
Term
|
Definition
| productive acts of labor that do not result in tangible products |
|
|
Term
|
Definition
| the consumer determining the types and quantities of what is produced by an economy |
|
|
Term
|
Definition
| the act of buying and or using goods and services |
|
|
Term
|
Definition
| a special form of corporation that differs from normal corporation |
|
|
Term
|
Definition
| chartered by the state, a busniess that operates as a legal entity |
|
|
Term
|
Definition
| a person who shares the responsibility of the loan with the primary borrower |
|
|
Term
|
Definition
1. the price of a good or service
2. the value of goods and services
3. the value of goods and services used to produce an output ( cost of production) |
|
|
Term
|
Definition
| all resources used in producing goods and services |
|
|
Term
|
Definition
| a type of inflation caused by increases in the cost of producing a product |
|
|
Term
|
Definition
| government of on of the large divisions of the state |
|
|
Term
|
Definition
| obtaining money, goods or services with a nominal initial payment |
|
|
Term
|
Definition
| a card issued by a business |
|
|
Term
|
Definition
| the max. amtthat a borrower can borrow |
|
|
Term
|
Definition
| the full price one pays for a good or service |
|
|
Term
|
Definition
| a measure of a borrowers credit worthiness |
|
|
Term
|
Definition
| a company that gathers information about the credit histories of consumers |
|
|
Term
|
Definition
| a cooperative group that holds savigns and makes loans to its members |
|
|
Term
|
Definition
| one to whom a debt is owed by another |
|
|
Term
|
Definition
| standards used in making a decision |
|
|
Term
|
Definition
|
|
Term
|
Definition
| a person who pays for a good or service |
|
|
Term
|
Definition
| a purchase card that pays for goods and services by deducting the costs of goods and services |
|
|
Term
|
Definition
| one who owes money to antoher |
|
|
Term
|
Definition
| failure to pay a loan when the payment is due |
|
|
Term
|
Definition
| the total price of the priduct or service plus the finance charge |
|
|
Term
|
Definition
|
|
Term
|
Definition
| a decrease in the general level |
|
|
Term
|
Definition
| a schedule of how much consumers are willing to spend |
|
|
Term
|
Definition
| component of the money supply |
|
|
Term
|
Definition
|
|
Term
|
Definition
| statistical characteristics of population |
|
|
Term
|
Definition
| the act of putting money into an account in bank or other financial institution |
|
|
Term
|
Definition
| the yearyl decline in the value of something |
|
|
Term
|
Definition
| an unusually deep widespread and prolonged recession |
|
|
Term
| law of diminishing returns |
|
Definition
| economic principle staing that if one factor production is increased while the others remain constant |
|
|
Term
|
Definition
| a tax levied directly upon an individual or business as opposed to an indircet tax |
|
|
Term
|
Definition
| in a given situation two factors will respond in the same direction as each other |
|
|
Term
|
Definition
| interest that federal reserve banks charge banks for the use of money |
|
|
Term
|
Definition
| income that is not committed to a particular use |
|
|
Term
|
Definition
| to spend more than one's current income |
|
|
Term
|
Definition
| the part of the productive process in which a good is transported to geographical locations |
|
|
Term
|
Definition
| the way in which a nations total incomein the form of wages, rent payments, intererst and profits |
|
|
Term
|
Definition
| one who is involved in the process of distribution of jhugf ghufgu sd |
|
|
Term
|
Definition
| the portion of corporate profits paid out periodically by a business |
|
|
Term
|
Definition
| the process whereby workers perform only a single task |
|
|
Term
|
Definition
| the initial payment one makes when purchasing something on credit |
|
|
Term
|
Definition
| goods with a long useful life |
|
|
Term
|
Definition
| producing some quantity of output |
|
|
Term
|
Definition
| an increase in a nations total output of goods and services |
|
|
Term
|
Definition
| excess of revenue over all costs of production |
|
|
Term
|
Definition
| yhe four questions that every society must answer |
|
|
Term
|
Definition
| payment to a factor of production in excess of the minimum required to keep that factor in the particulay line of production |
|
|
Term
|
Definition
1.the absence of large changes in economic activity
2. a situation with steady growth of production |
|
|
Term
|
Definition
| the way a society organizes the production |
|
|
Term
|
Definition
|
|
Term
|
Definition
| the study of how people make choices about the best use of scarce resources |
|
|
Term
|
Definition
| making the best possible use of scarce resources |
|
|
Term
|
Definition
| demand that is relatively responsive to changes in price |
|
|
Term
|
Definition
| supply that is relatively responsive to changes in price |
|
|
Term
|
Definition
| the degree of consumer responsiveness to changes in price |
|
|
Term
|
Definition
| a government prohibition against the shipment of certain products to a particular country |
|
|
Term
|
Definition
| a sudden, urgent, unexpected occurance |
|
|
Term
|
Definition
| something that can produce heat, light, and or motion |
|
|
Term
|
Definition
| one who organizes and manages resources |
|
|
Term
|
Definition
| assuming the risks of owning your own busniess |
|
|
Term
|
Definition
| the price at which the quantity demanded by buyers equals the quantity supplied by sellers |
|
|
Term
|
Definition
| the basic monetary unit of most members of the european union |
|
|
Term
|
Definition
| family of democratic european countries |
|
|
Term
|
Definition
| trading a good or service |
|
|
Term
|
Definition
1. the price of currency of one country in terms of the currency of another country
2. the rate at which one currency can be exchanged for the currency of another country |
|
|
Term
|
Definition
| the outlays of cahs in a given period |
|
|
Term
|
Definition
| costs requiring cash outlays payable to persons outside the farms |
|
|
Term
|
Definition
| selling our countries products |
|
|
Term
|
Definition
| benefits acrewing to people outside the market transaction |
|
|
Term
|
Definition
| costs imposed on persons who are not involved in the production or use of a good or service |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| effects, good or bad, on parties not directly involved in the production or use of GOS (goods or services) |
|
|
Term
|
Definition
|
|
Term
|
Definition
| payment made to the owners of the factors of production |
|
|
Term
|
Definition
| resources used by bus. to produce GAS |
|
|
Term
|
Definition
| Federal Deposit Insurance corp. the federal govt agency that insures bank depositors accounts |
|
|
Term
| federal insurance contributions act |
|
Definition
| name of the federal law that provides for deductions to be taken from the wages of citizens |
|
|
Term
| federal communications commission |
|
Definition
| the federal agency that regulates interstate communications |
|
|
Term
|
Definition
|
|
Term
|
Definition
| paper currency printed and distrbtd by the federal reserve bank |
|
|
Term
|
Definition
| a nationwide network of 12 banks |
|
|
Term
| FTC (federal trade commission) |
|
Definition
| the federal govt agency charged with maintaining competition |
|
|
Term
|
Definition
| a charge to the customer by the bank |
|
|
Term
|
Definition
| money with no precious metal backing or special reserve |
|
|
Term
|
Definition
| goods and service sold to persons who will consume them |
|
|
Term
|
Definition
| the cost of credit; charges connected with credit also called carrying charge |
|
|
Term
|
Definition
| a business engaged in borrowing holding and or lending money |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| refers to the expenditure a gov't undertakes to provide GAS |
|
|
Term
|
Definition
| cost that do not change as the output of the firm changes |
|
|
Term
| food and drug administration |
|
Definition
| a division of the dept of health and human services |
|
|
Term
|
Definition
| energy received by the body from food |
|
|
Term
|
Definition
| giving up a security deposit |
|
|
Term
|
Definition
|
|
Term
|
Definition
| an economic system characterized by private ownership of property and resouces |
|
|
Term
|
Definition
1- a good for which the market price is zero
2- a good for which quantity supplied is greater than quantity demanded at zero price |
|
|
Term
|
Definition
| market where the exchange takes place without control or invention by gov't |
|
|
Term
|
Definition
| the policy of having no gov't restrictions on the exchange of GOS |
|
|
Term
|
Definition
| any of a variety of indirect non-cash benefits |
|
|
Term
|
Definition
| a condition where anyone who is willing and able to work at the prevailing wage rate is employed |
|
|
Term
|
Definition
1- a medium of exchange to buy GAS
2- a measure of value to determine how much a GOS is worth
3- a store of value |
|
|
Term
|
Definition
|
|
Term
|
Definition
| tangible object that satisfies peoples want or needs |
|
|
Term
|
Definition
1- the form or system of rule by which a nation, state or city is governed
2- the group of persons whose job it is to run the affairs of the state, nation, etc |
|
|
Term
|
Definition
|
|
Term
|
Definition
| the ownership and operation of the production of GAS |
|
|
Term
|
Definition
| rules of conduct for individuals and business's |
|
|
Term
|
Definition
|
|
Term
|
Definition
| total market value of all final GAS produced in a country in a given year |
|
|
Term
|
Definition
| the amount of money earned in a pay period before any taxes and other payroll deductions have been subtracted |
|
|
Term
|
Definition
| an undifferentiated product |
|
|
Term
|
Definition
| investment in labor productivity |
|
|
Term
|
Definition
| the quantity and quality of human effort directed toward producing GAS |
|
|
Term
|
Definition
| cost requiring no cash outlay |
|
|
Term
|
Definition
| buying products from other countries |
|
|
Term
|
Definition
| producing goods in our country to replace goods being imported |
|
|
Term
|
Definition
| factors that motivate and influence the behaviour of households and business' |
|
|
Term
|
Definition
1- money recieved by households
2- money earned by the factors of production |
|
|
Term
|
Definition
| taxes paid to the gov't based on the income they receive |
|
|
Term
|
Definition
| a tax levied upon the sale of a GOS |
|
|
Term
|
Definition
| a general increase in the price of GAS |
|
|
Term
|
Definition
| the period of development of technology |
|
|
Term
|
Definition
| the process of using more advanced technology |
|
|
Term
|
Definition
| a collection of firms producing similar related products |
|
|
Term
|
Definition
| demand that is relatively unresponc |
|
|
Term
|
Definition
| supply that is relatively unresponsive to changes in the price |
|
|
Term
|
Definition
| property or money received from an estate r through a will |
|
|
Term
|
Definition
| a new an better way to do something |
|
|
Term
|
Definition
| resources used to produce a GOS |
|
|
Term
|
Definition
| required payment of equal amounts |
|
|
Term
|
Definition
| protection againt the risk of large losses |
|
|
Term
|
Definition
|
|
Term
|
Definition
| the amount of money being paid to a customer by the bank |
|
|
Term
|
Definition
| interest payments expressed a percentage of principal amount |
|
|
Term
|
Definition
| goods that will be further processed for resale |
|
|
Term
|
Definition
| exchange of GAS that takes place between nations |
|
|
Term
|
Definition
| the supply of a product or products that a business has on hand |
|
|
Term
|
Definition
| in a given situation two factors will respond in the opposite direction to one another |
|
|
Term
|
Definition
| the use of money to produce income or profit |
|
|
Term
|
Definition
| a bank account shared y two or more people |
|
|
Term
|
Definition
| the human input into the production of process |
|
|
Term
|
Definition
| the total of all people over sixteen working or looking for work |
|
|
Term
|
Definition
| an association of workers who are organizeed to bargain collectively with employers |
|
|
Term
|
Definition
| a policy that calls for govt not intervening in biz or economic activity |
|
|
Term
|
Definition
| the natural resources available for production |
|
|
Term
|
Definition
| eceonomic principal stating that the opportunity cost of additional units of a good tend to increase as society attempt to produce more of the good |
|
|
Term
|
Definition
| person or financial institution that lends money to another |
|
|
Term
|
Definition
|
|
Term
|
Definition
| ability to convert an asset to cash |
|
|
Term
|
Definition
|
|
Term
|
Definition
| negative difference between cost and the sale price |
|
|
Term
|
Definition
1- the process or organizing and utilizing resources to produce GAOS
2- the group or individual that does the organizing of resources |
|
|
Term
|
Definition
| the skill needed to organize and utilize resouces |
|
|
Term
|
Definition
| the extra utility or satisfaction one receives from consuming one more unit of GOS |
|
|
Term
|
Definition
| the specified category of potential buyers |
|
|
Term
|
Definition
| the price at which the quantity that people are willing to buy is equal to the quantity seller are willing to offer |
|
|
Term
|
Definition
| an economic system where most GAS's are exchanged thru private transcation |
|
|
Term
|
Definition
| situation occurring when there is equality between quantities supplied and demanded at the price at which goods are being exchanged. |
|
|
Term
|
Definition
| the price at which a GOS is selling in the open market |
|
|
Term
|
Definition
| a method of coordinating economic activities that rely on the individual choice of competing buyers and sellers |
|
|
Term
|
Definition
| a systme where supplier (producers) advertise distribute and sell products to the demanders. |
|
|
Term
|
Definition
| production of many units of a product |
|
|
Term
|
Definition
| the porcess of transforming productive activity from labor to capital intensive |
|
|
Term
media
(singular form is meduim) |
|
Definition
| the means of communication such as radio tv or newspapers that reach large numbers of people |
|
|
Term
|
Definition
|
|
Term
|
Definition
| the goods that someone wants to sell |
|
|
Term
|
Definition
the study of the decision making process
1.what?
2.how?
3.for whom? |
|
|
Term
|
Definition
| the amount of money required to be kept in an account to avoid paying |
|
|
Term
|
Definition
| the lowest legal hourly wage |
|
|
Term
|
Definition
| the facility where coins are produced |
|
|
Term
|
Definition
an aeconomy where a combo of the three basic methods of coordinating economic activity are used.
1.market
2.command
3.traditional |
|
|
Term
|
Definition
| simplify representation of the real wordl |
|
|
Term
|
Definition
| policy aimed at controlling the rate of growth |
|
|
Term
|
Definition
| a medium of exchange; a good that can be used to buy other GAS |
|
|
Term
|
Definition
| banks create money by granting loans to businesses and individuals |
|
|
Term
|
Definition
| the dollar amount of income;see real income |
|
|
Term
|
Definition
| the amount of coins, bills, and deposits in checking accounts held by the general public |
|
|
Term
|
Definition
|
|
Term
|
Definition
| a market situation in which there are a number of competing sellers of products |
|
|
Term
|
Definition
| a loan secured by real estate |
|
|
Term
|
Definition
| an investment trust in which groups of investors pool their money and give management discretion |
|
|
Term
|
Definition
| an industry where per unit costs decline as the output increases |
|
|
Term
|
Definition
| "gifts of nature" that are present without human intervention |
|
|
Term
|
Definition
| desires felt by consumers |
|
|
Term
|
Definition
|
|
Term
|
Definition
| total investment "gross" less a depreciation allowance |
|
|
Term
|
Definition
| the gross domestic product expressed in the prices of the particular year |
|
|
Term
|
Definition
| goods that have ashort useful life |
|
|
Term
|
Definition
| those natural resources that dont replenish themselves |
|
|
Term
|
Definition
| the minimum profit that a fir must earn |
|
|
Term
|
Definition
| study of the conomy based upon valued judgements about economic policies |
|
|
Term
|
Definition
| the work a person does to earn a living |
|
|
Term
|
Definition
| an industry or a market containing only a few firms |
|
|
Term
|
Definition
| the buying and selling of U.S treasury bonds and securities |
|
|
Term
|
Definition
| (value of) the next best alternative that must be given up when a choice is made |
|
|
Term
|
Definition
| the product (GOS ; the quantity or the amount produced by the given input |
|
|
Term
|
Definition
|
|
Term
|
Definition
| legal organization of a business |
|
|
Term
|
Definition
1.amount paid for use of GOS
2.a monthly installment paid on an account |
|
|
Term
|
Definition
| literallly means "per person" |
|
|
Term
|
Definition
a market structure characterzied by
1.mny buyers and sellers
2. homogeneous product
3.the freedom of entry and exit |
|
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Term
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Definition
| one who carries out an action |
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Term
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Definition
| total money income receuiived by individuals b4 paying paersonal taxes |
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Term
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Definition
| the purchase of an asset ( with some degree of risk) for the purpose of earning future income |
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Term
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Definition
| in insurance, the contract between the insurer and the insured setting forth the premium |
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Term
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Definition
| the study of the economy as it exists |
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Term
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Definition
| a nation or society that has little or no industry |
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Term
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Definition
| the amount paid to purchase insurance protection |
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Term
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Definition
| the value of a GOS stated in money terms |
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Term
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Definition
| the price for a particular good or service fixed, usually by government, at some maximum level |
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Term
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Definition
| a price for a particualar GOS fixed usually byt the government |
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Term
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Definition
| awaited average of prices used to compare price levels |
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Term
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Definition
| a systme using the interaction of supply and demand and free markets to allocate scarce resources |
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Term
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Definition
| the actualy amount of money being borrowed before intersets is added |
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Term
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Definition
| legal organization of a business |
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Term
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Definition
1.amount paid for use of GOS
2.a monthly installment paid on an account |
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Term
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Definition
| literallly means "per person" |
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Term
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Definition
a market structure characterzied by
1.mny buyers and sellers
2. homogeneous product
3.the freedom of entry and exit |
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Term
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Definition
| one who carries out an action |
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Term
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Definition
| total money income receuiived by individuals b4 paying paersonal taxes |
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Term
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Definition
| the purchase of an asset ( with some degree of risk) for the purpose of earning future income |
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Term
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Definition
| in insurance, the contract between the insurer and the insured setting forth the premium |
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Term
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Definition
| the study of the economy as it exists |
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Term
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Definition
| a nation or society that has little or no industry |
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Term
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Definition
| the amount paid to purchase insurance protection |
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Term
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Definition
| the value of a GOS stated in money terms |
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Term
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Definition
| the price for a particular good or service fixed, usually by government, at some maximum level |
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Term
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Definition
| a price for a particualar GOS fixed usually byt the government |
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Term
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Definition
| awaited average of prices used to compare price levels |
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Term
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Definition
| a systme using the interaction of supply and demand and free markets to allocate scarce resources |
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Term
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Definition
| the actualy amount of money being borrowed before intersets is added |
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Term
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Definition
| interests which banks charge their biggest and best customer |
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Term
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Definition
| busniess activiies not contorolled by government regulation |
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Term
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Definition
| property (things) owned by one person or a group of people |
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Term
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Definition
| people who use resources to make GAS |
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Term
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Definition
| tangible,manmade objects or services used to satisfy the wants of the sonsumer |
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Term
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Definition
| the process (act) of using resources (factors of production) to make goods |
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Term
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Definition
| the cost of chaning resources into finished products |
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Term
| production possibilities frontier |
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Definition
1. the frontier between possible outputs (given quantity and quality of resources, level of technology and efficiency)
2.an economic model depicting all the possible combos |
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Term
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Definition
| the ability to produce GAS the max potential ouput |
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Term
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Definition
| the ratio of output (GAS) produced per unit of input |
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Term
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Definition
| the difference between the total revenue and total cost of a business |
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Term
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Definition
1.the incentive that leads individuals to assume the risk of loss
2.the guiding force of a free market system |
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Term
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Definition
| a tax that increases with the income of the tax payer |
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Term
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Definition
1.something tangilbe that one owns
2.land or real estate |
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Term
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Definition
| taxes paid by households and businesses to local governments on land and buildings |
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Term
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Definition
| all levels of income are taxed at the same rate |
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Term
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Definition
| a business enterprise owned solely by one person or propiorter |
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Term
| public goods and services |
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Definition
| GAS provided by the government |
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Term
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Definition
| property (things) owned together by all people for everyones use |
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Term
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Definition
| the acquisition of ownership in title |
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Term
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Definition
1.the relative amount of GOS that can be purcahsesd with the dollar
2. the ability of the individual or group to purchase GAS measured by their income or wealth |
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Term
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Definition
| a market situation in which there is only one seller of a G or S |
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
| an international trade limit on the goods in place of protective tariffs |
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Term
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Definition
| the return on an investment expressed in percentage terms |
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Term
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Definition
| unprocessed natural products |
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Term
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Definition
| land inprovements to land and thing permanently attached to land |
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Term
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Definition
| the gross domestic product expressed in dollars of a constant value |
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Term
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Definition
| purchasing power of money income |
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Term
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Definition
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Term
| real vs. nominal measurement |
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Definition
nominal values are measured using current market prices
real values are nominal values adjusted for the effects of inflation or deflation |
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Term
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Definition
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Term
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Definition
| a contraction in the economy |
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Term
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Definition
| a tax that take a lower percentage of income of low income people |
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Term
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Definition
| a gov't agency responsible for preparing and administering gov't rgulations |
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Term
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Definition
| natural resources that are not used in consumption |
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Term
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Definition
1- money payments for the use of a house
2- payment to those who supply the factor of production , land
3- return to a f factor of prod. |
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Term
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Definition
| the percent of deposit liabilities |
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Term
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Definition
| all natural human and human made aids to the production of GAS |
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Term
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Definition
| a summary of a persons education experience and work skills |
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Term
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Definition
| the act of a creditor taking back a product |
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Term
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Definition
| a store where goods are sold to the consumer |
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Term
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Definition
| the state of being no longer involved in performing one business or profession |
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Term
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Definition
| the actual cash received in a period |
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Term
| right to private property |
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Definition
| the right of individuals to own and control their own property |
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Term
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Definition
| the chance or possibility of a gain or loss |
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Term
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Definition
| a situation in which two or more producers seek to gain a larger market |
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Term
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Definition
| to dtermin how longit will take for money placed in a saving account with compound interest to double, divide the interest rate into 72 |
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Term
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Definition
| to give up something of value, often the sake of something else |
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Term
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Definition
| a fixed wage paid periodically for regular work |
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Term
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Definition
| the transfer of ownership rights |
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Term
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Definition
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Term
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Definition
| the portion of income that is not spent |
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Term
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Definition
| an account in financial institution where a person deposits that part of his/her income |
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Term
| savings and loan institution |
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Definition
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Term
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Definition
| resources that are in short supply |
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Term
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Definition
| the condition of not being able to have all the GAS |
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Term
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Definition
| because resources are limited, relative to human wants and needs |
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Term
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Definition
| regular and predictable variations |
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Term
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Definition
| stocks and bonds collectively |
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Term
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Definition
| the price asked for paid for a good service |
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Term
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Definition
| an additional cost or fee |
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Term
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Definition
| activites that can satisfy peoples wants or needs |
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Term
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Definition
| the federal law passed in 1890 |
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Term
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Definition
| the situations when the quantity demanded exceeds the quantity supplied |
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Term
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Definition
| paper currency printed and distributed by the U.S government the value of which was established and backed by some agreed upon quantity of silver |
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Term
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Definition
| interest paid only on the amount deposited in a savings account |
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Term
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Definition
| those goods and services that cannot be provided |
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Term
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Definition
| a tax deducted from gross income |
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Term
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Definition
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Term
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Definition
| an economic system in which much or most of the means of production are owned and controlled by the government |
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Term
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Definition
| dividing work among people so that each person does one job or task;concentrating on a job that one does well |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| a period in which the economy is experiencing both high unemplyment and high inflation |
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Term
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Definition
| the per capita level of production of goods and services |
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Term
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Definition
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Term
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Definition
| share of ownership in a corporation |
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Term
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Definition
| a piece of paper that represents partial ownership of a corporation |
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Term
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Definition
| marketplace where stocks are bought and sold |
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Term
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Definition
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Term
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Definition
| action used by labor unions in which workers voluntarily stop working |
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Term
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Definition
| government aid to individuals |
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Term
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Definition
| one in which standard of living is just equal to that needed to satisfy basic needs |
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Term
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Definition
| goods that are substitute for each othe |
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Term
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Definition
| a resource that takes the place of another resource |
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Term
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Definition
| the act of using one GOS in place of a nother |
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Term
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Definition
| one who offers a supply of a GOS |
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Term
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Definition
| a schedule of how much producers are willing and able to produce and sell |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| the situation resulting when the quantity supplied exceeds the quantity demanded of a good |
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Term
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Definition
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Term
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Definition
| required payments of money received by government as a result of imposing taxes |
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Term
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Definition
| the two main principles of taxation |
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Term
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Definition
| the scientific and mechanical skill and and scientific knowledge used in producing GAS |
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Term
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Definition
| increases in technology of mechanical and scientific knowledge |
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Term
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Definition
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Term
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Definition
| a deposit into a savings account |
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Term
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Definition
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Term
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Definition
| the legal ownership of an asset |
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Term
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Definition
| the sum of all relevant costs or production |
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Term
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Definition
| the purchase sale or exchange of goods and services |
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Term
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Definition
| any aspect of government policy that inhibits the free exchange of GAS |
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Term
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Definition
| giving up one thing to get another |
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Term
| tradition directed economy |
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Definition
| a method of coordinating economic activity |
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Term
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Definition
| other payments to a person that are not payments for the use of a resource in production |
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Term
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Definition
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Term
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Definition
| a federal law tht requires creditors |
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Term
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Definition
| the situation in which people are willing and able to do work at a current wage |
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Term
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Definition
| payments made to workers who are unemplyed |
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Term
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Definition
| the percent of labor force not emplyed |
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Term
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Definition
| its is the nature of human wants to be unlimited in total |
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Term
usda
united states department of agriculture |
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Definition
| the federal agency concerned with regulating the quality of agriculture output |
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Term
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Definition
| satisfaction not usefulness |
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Term
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Definition
| costs that change as the output of the business or firm change |
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Term
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Definition
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Term
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Definition
| a business undertaking involving a chance or risk |
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Term
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Definition
| payment made to those for GAS |
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Term
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Definition
| desires felt by consumers for GAS |
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Term
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Definition
| an undertaking by one party that certain facts are true |
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Term
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Definition
| anything that a person owns that has value and is capable of producing income |
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Term
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Definition
| payment received by nearby individuals |
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Term
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Definition
| person who works in an office |
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Term
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Definition
| a firm that buys large quantities of a product |
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Term
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Definition
| the act of taking money out of a bank account |
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Term
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Definition
| a tax deducted from gross income |
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Term
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Definition
| a means of earning a living |
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Term
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Definition
| the ratio of GOS produced |
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Term
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Definition
| in the case of corporate stock |
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