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coleu@Chap 20-22
Chapters 20, 21, and 22
| Term | Definition |
|---|---|
| Disposable Income | income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes |
| Discretionary Income | income remaining after deduction of taxes, other mandatory charges, and expenditure on necessary items |
| Consumerism | the protection or promotion of the interests of consumers |
| Comparison Shopping | the practice of comparing the price of products or services from different vendors before buying |
| Warranty | a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time |
| Credit | the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future |
| APR | the annual rate that is charged for borrowing |
| Collateral | something pledged as security for repayment of a loan, to be forfeited in the event of a default |
| Bankruptcy | the state of being completely lacking in a particular quality or value |
| Interest | money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt |
| Principal | denoting an original sum invested or lent |
| Return | a profit from an investment |
| Stock | the capital raised by a business or corporation through the issue and subscription of shares |
| Dividend | a sum of money paid regularly by a company to its shareholders out of its profits |
| Bond | a debt investment in which an investor loans money to an entity that borrows the funds for a defined period of time at a fixed interest rate |
| Mutual Fund | an investment program funded by shareholders that trades in diversified holdings and is professionally managed |
| Evaluate | form an idea of the amount, number, or value of |
| Demand | an economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service |
| Law of Demand | a microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease |
| Market Demand | the total of what everybody in the market wants |
| Utility | an economic term referring to the total satisfaction received from consuming a good or service |
| Marginal Utility | the additional satisfaction a consumer gains from consuming one more unit of a good or service |
| Substitute | a product or service that satisfies the need of a consumer that another product or service fulfills |
| Complement | a good or service that is used in conjunction with another good or service |
| Demand Elasticity | refers to how sensitive the demand for a good is to changes in other economic variables |
| Supply | a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers |
| Law of Supply | a microeconomic law that states, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase |
| Profit | a financial benefit that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain the activity |
| Market Supply | the total supply of every seller willing and able to sell a good |
| Subsidy | a benefit given by the government to groups or individuals usually in the form of a cash payment or tax reduction |
| Supply Elasticity | a measure of a variable's sensitivity to a change in another variable. |
| Equilibrium Price | the state in which market supply and demand balance each other and, as a result, prices become stable |
| Price Ceiling | the maximum price a seller is allowed to charge for a product or service. |
| Price Floor | the lowest acceptable limit as restricted by controlling parties |
| Sole Proprietorship | the sole proprietor is an unincorporated business with one owner who pays personal income tax on profits from the business |
| Financial Capital | financial assets or the financial value of assets, such as cash |
| Articles of Partnership | a document that formalizes an agreement between parties who want to enter a business arrangement to pool their labor and capital |
| Corporation | a legal entity that is separate and distinct from its owners |
| Charter | a legal document that provides for the creation of a corporate entity |
| Stock | a type of security that signifies ownership in a corporation and represents a claim on part of the corporation's assets and earnings |
| Stockholder | a holder or owner of stock in a corporation |
| Board of Directors | an appointed or elected body or committee that has overall responsibility for the management of a nonprofit or nonstock organization, such as a foundation, university or mutual fund |
| Cooperatives | a farm, business, or other organization that is owned and run jointly by its members, who share the profits or benefits |
| Labor Union | an organization intended to represent the collective interests of workers in negotiations with employers over wages, hours and working conditions |
| Right-to-Work Law | a statute in the United States that prohibits union security agreements, or agreements between labor unions and employers |
| Collective Bargaining | The process of negotiating the terms of employment between an employer and a group of workers |
| Mediation | intervention in a dispute in order to resolve it; arbitration |
| Arbitration | an informal hearing regarding a dispute |
| Transparency | the extent to which investors have ready access to any required financial information about a company such as price levels, market depth and audited financial reports |
| Social Responsibility | the idea that companies should embrace its social responsibilities and not be solely focused on maximizing profits |
Created by:
skater43211
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