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Disposable Income money income left after all taxes on it have been paid
Discretionary Income money income left after necessities been bought and paid for
Consumerism movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers
Comparison Shopping buying strategy to get best buy for the money
Warranty the promise made by manufacturer or a seller to repair or replace a product within a certain time period if its faulty
Credit money borrowed to pay for a good or service
APR annual cost of credit expresses as a percentage of the amount borrowed
Collateral property or valuable item serving as security for a loan
Bankruptcy inability to pay debts
Interest payment people receive when they lend money or allowed someone else to use their money
Principal the most important
Return profit earned through investing
Stock ownership share of a corporation
Divided payment of portion of a company's earnings
Bond contract to repay borrowed money with interest at a specific time in the future
Mutual Fund pools of money from many people who are invested in a selection of individuals stocks and bonds chosen by financial experts
Evaluate to assess or find value of
Demand the desire willingness and ability to buy a good or service
Law of Demand concept that people are normally willing to buy less of a product if the price is high and more of it the price is low
market of demand the total demand of all consumers for a product or service
utility amount of satisfaction one gets from a good or service
Marginal utility additional use that is derived from each unit acquired
Substitute a competing product that consumers can use in place of another
complement product often used with another product
Demand Elasticity measure of responsiveness relating changes in price
supply amount of goods or services that producers are able and willing to sell at various prices during a specified time period
law of supply the principle that supplies will normally offer more for sale at higher prices and less at lower prices
profit money a business receives for its products or services over and above its cost
market supply total of all the supply schedules of all the business that provide the same good or services
subsidy government payment to an individual business or a group in exchange for certain actions
supply elasticity responsiveness of quality supplied to a change in price
equilibrium price price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy
price ceiling maximum price that can be charged for goods and services set by the government
price floor minimum price that can be charged for goods and services set by the government
sole proprietorship a business owned and operated by a single person
financial capital money used to buy the tools and equipment used in production
articles of partnership formal legal papers specifying the arrangements between partners
corporation business organization owned by many people but treated by law as though it were a person
charter written document granting land and the authority to set up colonial government
stock ownership share of a corporation
stockholder individual who was invested in a corporation and owns some if its stock
board of directors people elected by the shareholders of a corporation to act on their behalf
cooperatives a voluntary association of people formed to carry on some kind of economic activity that will benefit its members
labor union association of workers organized to improve wages and working conditions
right to work law state laws forbidding unions from forcing workers to join
collective bargaining process by which unions and employees negotiate the conditions of employments
mediation situation in which union and company officials bring In a third party to try to help them reach an agreement
arbitration situation in which union and company officials submits the issues they cannot agree on to a third party for a financial decision
transparency process of making business deals more visible to everyone
social responsibility obligation a business has to pursued goals that benefits society as well as themselves
Created by: olivialocklear