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US economy
| Term | Definition |
|---|---|
| 16th amendment: | Congress may collect income taxes |
| bank | privately owned business that takes deposits and makes loans in order to make a profit. |
| competition | rivalry between producers of goods/services that create lower prices and better quality |
| consumer | buyer of goods and services for personal use |
| Consumer sovereignty | consumers determine through purchases what good will be produced |
| Corporation | a group that legally acts as a single business entity by selling shares of ownership called stock. |
| Credit union | non-profit organization owned by members |
| deposit | money placed into a private financial institution for safekeeping. |
| Entrepreneur | a person who takes a risk in search of a profit by starting a new business |
| Financial capital | money, credit and other forms of funding that build wealth for businesses and individuals |
| Global economy | worldwide exchange of goods and services |
| .incentive | things that incite and motivate and are used to change economic behavior |
| income | money earned by individuals from selling productive resources |
| innovation | new ideas, products, or methods of production |
| interest | fee paid for using money |
| liability | responsibility for business ownership |
| partnership | business organization shared by 2 or more owners who share the risks, profits, and workload |
| Private financial institutions | bank, credit unions and other institutions that supply loans and accept deposits |
| producer | maker or seller of a product or service |
| Profit | a business’s earnings after all expenses have been paid |
| Proprietorship | a business owned by a single person with full liability for operating the business |
| specialization | a particular area of expertise in production of a product |
| Technological innovations | new ways of producing goods and services that save time and money while allowing information to flow globally. |
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