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2014 Kilgore Exam
| Term | Definition |
|---|---|
| Allocate | to distribute scarce resources- such as money, land, equipment, or labor- in order to satisfy the greatest number of needs and wants |
| appreciation | 1)an increase in the buying power of money 2)an increase in the value of a possession such as a share of stock, a work or art, or real estate 3)an increase in the value of a nation's money relative to that of another nation |
| Articles of incorporation | an application to form a new corporation |
| Authoritarian socialism | an economic system in which the government owns or controls nearly all factors of production; also known as communism |
| Bankruptcy | a legal process in which an individual or business whose debts exceed the value of their assets is forgiven those debts in excess of their assets |
| Barter | the direct exchange of goods and services without the use of money |
| Black market | buying and selling of goods in violation of the law, typically at a higher price than has been officially established |
| Board of directors | a panel elected by the stockholders of a corporation to establish its policies and overall direction |
| budget | a plan listing the expenses and income of an individual or organization |
| Budget deficit | the amount that an organization's spending exceeds the revenue it takes in over a designated period |
| Budget surplus | the amount that an organization's income exceeds its spending over a designated period |
| Business cycle | activity that is characterized by alternating periods of expansion and contraction |
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davidlarrance
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