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rationing
a fixed allowance of provisions or food especially for soldiers or sailors or for civilians during a shortage. |
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| surplus something that remains above what is used or needed. |
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| shortage the amount of such deficiency. |
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| loss leader a popular article that is sold at a very low price or at a loss for the purpose of attracting customers to a retail store. |
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| monopoly exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices. |
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| price-fixing the establishing of prices at a determined level, either by a government or by mutual consent among producers or sellers of a commodity. |
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| minimum wage the lowest wage payable to employees in general or to designated employees as fixed by law or by union agreement. |
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| union the act of uniting two or more things. |
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| boycott to combine in abstaining from, or preventing dealings with, as a means of intimidation or coercion: to boycott a store. |
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| lockout the temporary closing of a business or the refusal by an employer to allow employees to come to work until they accept the employer's terms. |
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| luxury good an economic good for which demand increases more than proportionally as income rises; contrast with inferior good and normal good. |
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| customs duty money collected under a tariff |
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| flat tax A single tax rate that applies to everyone obligated to pay the tax. Sales taxes are flat taxes. There have been proposals to substitute a flat tax on income for the current graduated tax, which taxes higher incomes at a higher rate. Proponents argue that the flat tax is fair and simple. Opponents view it as a bonanza for the wealthy. |
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| gross domestic product gross national product excluding payments on foreign investments. Abbreviation: GDP |
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| disposable income the part of a person's income remaining after deducting personal income taxes. |
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| standard of living a grade or level of subsistence and comfort in everyday life enjoyed by a community, class, or individual: The well-educated generally have a high standard of living. |
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| renewable resource any natural resource that can replenish itself naturally over time, as wood or solar energy; also called renewable energy, |
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| recession the act of receding or withdrawing. |
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| depression the act of depressing or state of being depressed |
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| unemployment the state of being unemployed, especially involuntarily: Automation poses a threat of unemployment for many unskilled workers. |
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| negative income tax a system of income subsidy through which persons having less than a certain annual income receive money from the government rather than pay taxes to it. |
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| welfare financial or other assistance to an individual or family from a city, state, or national government. |
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| food stamps any of the coupons sold or given under a federal program to eligible needy persons and redeemable for food at designated grocery stores or markets. |
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| legal reserve the amount of cash assets that a bank, insurance company, etc., is required by law to set aside as reserves. |
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| liquidity the ability or ease with which assets can be converted into cash. |
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interest rate
The usual way of calculating interest — as a percentage of the sum borrowed. |
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| equilibrium equal balance between any powers, influences, etc.; equality of effect. |
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| deregulation to remove government regulatory controls from (an industry, a commodity, etc.): to deregulate the trucking industry; to deregulate oil prices. |
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| absolute advantage a business situation in which a provider of goods or services is more profitable or efficient than all of its competitors, by having a smaller total input per unit of output. |
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comparative advantage
the ability of an individual or group to carry out an economic activity, such as production, at a lower cost and more efficiently than another entity. |
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tariff
the schedule or system of duties so imposed. |
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quota
a proportional part or share of a fixed total amount or quantity. |
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balance of payments
the difference between a nation's total payments to foreign countries,including movements of capital and gold, investments, tourist spending, etc., and its total receipts from foreign countries. |
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most favored nation
of or pertaining to the status, treatment, terms, etc., that are embodied in or conferred by a most-favored-nation claus. |
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