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SS Ch 17, 18 TTK Fin
FINAL
| Term | Definition |
|---|---|
| GDP (Gross Domestic Product) | total market value of all final goods and services produced in a country during a single year |
| entrepreneur | risk-taking person who starts a new business, introduces a new product, or improves a management technique |
| voluntary exchange | act of buyers and sellers freely and willingly engaging in market transactions |
| profit | money a business receives for its products or services and above its costs |
| profit motive | driving force that encourages individuals and organizations to improve their material well-being |
| competition | struggle that goes on between buyers and sellers to get the best products at the lowest prices |
| warranty | promise made by a manufacturer or a seller to repair or replace a product within a certain time period if it is faulty |
| impulse buying | unplanned and often emotional decision to buy |
| budget | plan for making and spending money |
| interest | payment that people or institutions receive when they lend money or allow someone else to use their money |
| principal | amount of initial deposit on which interest is earned |
| stock | shares of a company held by an investor |
| bond | an interest-bearing certificate of agreement between a borrower and a lender |
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2018grellerj
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