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Econ. Ch. 5 Vocab.

TermDefinition
club warehouse store store that carries a limited number of brands and items in large quantities and is less expensive than grocery stores
convenience store store open 16 to 24 hours a day, carrying a limited selection of relatively higher-priced items
private-labeled products lower-priced store-brand products carried by some supermarket chains and club warehouse chains
durability ability of an item to last a long time
service flow amount of use a person gets from an item over time and the value a person places on this use
lease long-term agreement describing the terms under which property is rented
security deposit funds a renter lets an owner hold in case the rent is not paid or the apartment is damaged
closing costs fees involved in arranging for a mortgage or in transferring ownership of property
registration fee licensing fee, usually annual, paid to a state for the right to use a car
liability insurance insurance that pays for bodily injury and property damage
Created by: hcmeek
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