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Chapter 20-22

TermDefinition
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)
Created by: 100005673019265