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OliviaL@Chap20-22
Voc
| Term | Definition |
|---|---|
| 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
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