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DeAundram@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 have been bought and paid for. |
| Consumerism | A movement to educate buyers about the purchases they make and o demand better and safer products from manufactures. |
| 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 f 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. |
| Intrest | The payment people receive when they lend money or allow someone else to use their money. |
| Principal | The most important. |
| Return | Profit earned through inverting. |
| Stock | Ownership share of a corporation. |
| 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. |
| Demand | The desire, willingness, and ability to buy a good or services. |
| 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 at each possible 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. |
| Market Supply | The total of all supply schedules of all the businesses that provide the same good or service. |
| Subsidy | A government payment to an individual, business, or group ion 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 tool 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 | Type of business organization owned by many people but treated by law as though it were a person. |
| Labor Union | Associations 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 part 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 season. |
| Transparency | Process of making business deals more visible to everyone. |
| Social Responsibility | The obligation a business has to pursue goals that benefit society as well as themselves. |
| Dividend | Payment of a portion of a company's earnings. |
Created by:
DeAundra0816
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