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Vocab Words for Chapters 20-22

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 manufacters
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 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 a sum of money paid to shareholders of a corporation out of earnings.
Bond a sealed instrument under which a person, corporation, or government guarantees to pay a stated sum of money on or before a specified day.
Mutual Fund an investment company that issues shares continuously and is obligated to repurchase them from shareholders on demand.
Demand the quantity of goods that buyers will take at a particular price.
Law of Demand A microeconomics law that states that, all other factors being equal, as the price of a good or service increases,
Market Demand total of what everybody in the market wants
Utility the state or quality of being useful
Marginal Utility the extra utility or satisfaction derived by a consumer from the consumption of the last unit of a commodity.
Substitute a person or thing acting or serving in place of another.
Complement full quantity or amount
Demand Elasticity refers to how sensitive the demand for a good is to changes in other economic variables.
Supply The amount of goods and services that producers are able and willingly to sell at various prices during a specific time period
Law of Supply is a fundamental principle of economic theory which states that, all else equal, an increase in price results in an increase in quantity supplied
Market Supply curve is an upward sloping curve depicting the positive relationship between price and quantity supplied.
Subsidy a sum of money granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.
Supply Elasticity Responsiveness of producers to changes in the price of their goods or services.
Equilibrium Price where the supply of goods matches demand.
Price Ceiling Maximum price that can be changed for goods and services- set by the govt
Price Floor Minimum price that can be changed for goods and services- set by the govt
Financial Capital any economic resource measured in terms of money used by entrepreneurs and businesses to buy what they need to make their products or to provide their services to the sector of the economy upon which their operation is based, i.e. retail, corporate, inves
Articles of Partnership is a voluntary contract between two or among more than two persons to place their capital, labor, and skills, and corporation in business with the understanding that there will be a sharing of the profits and losses between/among partners.
Corporation a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
Charter a written grant by a country's legislative or sovereign power, by which an institution such as a company, college, or city is created and its rights and privileges defined.
Stock the goods or merchandise kept on the premises of a business or warehouse and available for sale or distribution.
Stockholder shareholder.
Board of Directors body of elected or appointed members who jointly oversee the activities of a company or organization
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 organized association of workers, often in a trade or profession, formed to protect and further their rights and interests.
Right-to-Work Law is a statute in the United States that prohibits union security agreements, or agreements between labor unions and employers, that govern the extent to which an established union can require employees' membership
Collective Bargaining negotiation of wages and other conditions of employment by an organized body of employees.
Mediation intervention in a dispute in order to resolve i
Arbitration the use of an arbitrator to settle a dispute.
Transparency an image, text, or positive transparent photograph printed on transparent plastic or glass, able to be viewed using a projector.
Social Responsibility is an ethical framework which suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large.
Sole Proprietorship s the simplest business form under which one can operate a business
Created by: 9106107443