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Chapter 20-22
| Term | Definition |
|---|---|
| Disposable Income | Money income left after all taxes on it have been paid. (Pg. 539) |
| Discretionary Income | Money income left after necessities have been bought and paid for. (Pg. 539) |
| Consumerism | A movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers. (Pg. 540) |
| Comparison Shopping | Buying strategy to get best buy for the money. (Pg. 541) |
| Warranty | The promise made by a manufacturer or a seller to repair or replace a product within a certain time period of it is faulty. (Pg. 542) |
| Credit | Money barrowed to pay for a good or service. (Pg. 547) |
| Annual Percentage Rate (APR) | Annual cost of credit expressed as a percentage of the amount borrowed. (Pg. 547) |
| Collateral | Property of valuable item serving as security for a loan. (Pg. 547) |
| Bankruptcy | Inability to pay debts. (Pg. 549) |
| Interest | The payment people receive when they lend money or allow someone else to use their money. (Pg. 544) |
| Principal | The most important. (Pg. 667) |
| Return | Profit earned through investing. (Pg. 557) |
| Stock | Ownership share of a corporation. (Pg. 557, 604) |
| Dividend | Payment of a portion of a company's earnings. (Pg. 557) |
| Bond | Contract to repay borrowed money with interest at a specific time in the future. (Pg. 557, 688) |
| Mutual Fund | Pools of money from many people who are invested in a selection of individual stocks and bonds chosen by financial experts. (Pg. 558) |
| Demand | The desire, willingness, and ability to buy a good or service. (Pg. 569) |
| 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.v569) |
| Market Demand | The total demand of all consumers for a product or service. (Pg. 570) |
| Utility | The amount of satisfaction one gets from a good or service.(Pg. 570) |
| Marginal Utility | Additional use that is derived from each unit acquired. (Pg. 572) |
| Substitute | A competing product that consumers can use in place of another. (Pg. 575) |
| Complement | Product often used with another product. (Pg. 576) |
| Demand Elasticity | Measure of responsiveness relating change in quantity demanded to a change in price. (Pg. 577) |
| Supply | The amount of goods and services that producers are able and willing to sell at various prices during a specified time period. (Pg. 581) |
| Law of Supply | The principle that suppliers will normally offer more for sale at higher prices and less at lower prices. (Pg. 581) |
| Market of Supply | The total of all the supply schedules of all the businesses that provide the same good or service. (Pg. 584) |
| Subsidy | A government payment to an individual, business, or group in exchange for certain actions. (Pg. 585) |
| Supply Elasticity | Responsiveness of quantity supplied to change in price. (Pg. 586) |
| Equilibrium Price | The price at which the amount producers are willing to supply is equal to the a mount consumers are willing to buy. (Pg. 589) |
| Price Ceiling | Maximum price that can be charged for goods and services, set by the government. (Pg. 589) |
| Price Floor | Minimum price that can be charged for goods and services, set by the government. (Pg. 589) |
| Sole Proprietorship | A business owned and operated by a single person. (Pg. 601) |
| Financial Capital | Money used to buy the tools and equipment used in production. (Pg. 601) |
| Articles of Partnership | Formal legal papers specifying the arrangement between partners. (Pg. 602) |
| Corporation | Type of business organization owned by many people but treated by law as though it were a person. (Pg. 603) |
| Charter | A written document granting land and the authority to set up colonial governments. (Pg. 36); Or a government document granting permission to organize a corporation. (Pg. 404, 604, 740) |
| Stock | Ownership share of a corporation. (Pg. 557, 604) |
| Stockholder | An individual who has invested in a corporation and owns some of its stock. (Pg. 604) |
| Board of Directors | People elected by the shareholders of a corporation to at on their behalf. (Pg. 604) |
| Cooperatives | A voluntary association of people formed to carry on some kind of economic activity that will benefit its members. (Pg. 606) |
| Labor Union | Association of workers organized to improve wages and working conditions. (Pg. 609) |
| Right-to-Work Law | State laws forbidding unions from forcing workers to join. (Pg. 610) |
| Collective Bargaining | Process by which unions and employers negotiate the conditions of employment. (Pg. 611) |
| Mediation | Situation in which union and company officials bring in a third party to try to help them reach an agreement. (Pg. 611) |
| Arbitration | Situation in which union and company officials submit the issues they cannot agree on to a third party for a final decision. (Pg. 611) |
| Transparency | Process of making business deals more visible to everyone. (Pg. 617) |
| Social Responsibility | The obligation a business a business has to pursue goals that benefit society as well as themselves. (Pg. 618) |
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