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brooklynm@chap20-22
Vocabulary words from Unit 6: The Economy and the Individual
| Term | Definition |
|---|---|
| Disposable Income | money income left after all taxes on it have been paid |
| Discretionary Income | money income left after necessities have been bought and paid for |
| Consumerism | a 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 a manufacturer or a seller to repair or replace a product within a certain time period if it is faulty |
| Credit | money borrowed to pay for a good or service |
| Annual Percentage Rate (APR) | annual cost of credit expressed as a percentage of the amount borrowed |
| Collateral | property or valuable item serving as security for a loan |
| Bankruptcy | inability to pay debts |
| Interest | the payment people receive when they lend money or allow someone else to use their money |
| Principal | the most important |
| Return | profit earned through investing |
| Stock | ownership share of a corporation |
| Dividend | payment of a 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 individual stocks and bonds chosen by financial experts |
| Evaluate | to assess or find the value of |
| Demand | the desire, willingness, and ability to buy a good or service |
| Law of Demand | the concept that people are normally willing to buy less of a product if the price is high and more of it if the price is low |
| Market Demand | the total demand of all consumers for a product or service |
| Utility | the 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 change in quantity demanded to a change in price |
| Supply | the amount of goods and services that producers are able and willing to sell at various prices during a specified time period |
| Law of Supply | the principle that suppliers will normally offer more for sale at higher prices and less at lower prices |
| Profit | the money a business receives for its products or services over and above its costs |
| Market Supply | the total of all the supply schedules of all the businesses that provide the same good or sevice |
| Subsidy | a government payment to an individual, business, or group in exchange for certain actions |
| Supply Elasticity | responsiveness of quantity supplied to a change in price |
| Equilibrium Price | the 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 arrangement between partners |
| Corporation | type of business organization owned by many people but treated by law as though it were a person |
| Charter | a written document granting land and the authority to set up colonial governments; or a government document granting permission to organize a corporation |
| Stock | ownership share of a corporation |
| Stockholder | an individual who has invested in a corporation and owns some of 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 employers negotiate the conditions of employment |
| 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 submit the issues they cannot agree on to a third party for a final decision |
| Transparency | process of making business deals more visible to everyone |
| Social Responsibility | the obligation a business has to pursue gals that benefit society as well as themselves |
Created by:
bpmahar
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