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FBLA Study
| Term | Definition |
|---|---|
| Monetary Policy | An attempt to achieve broad economic goals by the regulation of the supply chain |
| Fiscal Policy | A government policy for dealing with the budget, especially with taxation and borrowing |
| Factors of Production | Land, labor, and capital. Sometimes includes entrepreneurship. |
| Law of Demand | Buyers purchase more at lower prices than higher prices |
| Wage | Pay by the hour |
| Salary | Pay by the week or month |
| Limited Liability | A fundamental feature of corporations, whereby investors are liable only up to the amount of their investment. |
| GDP (Gross Domestic Product) | The monetary value of all of a nation's goods and services produced within a nation's borders and within a particular period of time. |
| Antitrust Law | Laws that seek to make sure businesses compete fairly, and prevent unfair partnerships. |
| Trade Barriers | Protectionist barriers erected to protect domestic producers who would not be able to compete successfully with foreign producers in a free market or in free trade. |
| Iron Law of Wages | The doctrine or theory that wages tend toward a level sufficient only to maintain a subsistence standard of living |
| Balance of Trade | The difference between the values of exports and imports of a country, said to be favorable or unfavorable as exports are greater or less than imports |
| Surplus Value | (in Marxian economics:) The part of the value of a commodity that exceeds the cost of labor, regarded as the profit of the capitalist. |
| Corporate Profits | The dollars that exceed the costs of the corporation |
| Socialism | Large government involvement in the economy |
| Market Economy | No government involvement in the economy |
| Mixed Market Economy | Limited, but some, government involvement in the economy |
| Labor Force | The amount of people in that currently have the ability to work |
| Real Take Home Pay | Salary that includes what is lost to inflation |
| Standard of Living | Illustrates what opportunities are expected for a certain person |
| Unions | Labor coming together to make sure their interests and rights are heard and respected |
| Voluntary Exchange | Both traders expect to benefit as a result of an exchange between the two |
| Production Possibilities Curve | Shows the maximum level of efficiency based on what resources are allocated where |
| Capital Resources | Actual hard equipment like factories and tractors |
| Inelastic | Demand does not change much if prices go up or down. |
| Acceptance | The second party's unqualified willingness to go along with the first party's proposal |
| Accord & Satisfaction | A legal way to settle contractual disputes by which one party agrees to accept less than the amount due as full payment |
| Actual Authority | The real power a principal gives to an agent |
| Actual Notice | A formal notice given directly to a party, usually using certified mail with a receipt |
| Adhesion Contract | A take-it-or-leave-it offer made by a party who holds most of the power in a bargaining session |
| Administrative Law | The body of rules created by government agencies |
| Adultery | When one spouse has sexual relations with someone outside of the marriage |
| Affinity | Related by marriage |
| Agency | A type of working relationship in which one person represents another person in a business transaction with a third party |
| Agency by Estoppel | When the principal's actions lead the third party to believe that the agent is working for the principal |
| Principal | Company owner, member, founder, CEO, or chief investor |
| Agent | Person who has been authorized to do the work |
| Agent's Agent | An agent who is appointed by another agent without the principal's authority to do so |
| Alimony | An allowance for support paid to one person by the former spouse in a divorce |
| Alternative Dispute Resolution (ADR) | Parties try to resolve disagreements outside of the usual court system, by mediation, arbitration, conciliation, and negotiation |
| Annual Percentage Rate (APR) | The true interest rate of a loan |
| Annulment | A declaration by the court that a marriage was never valid |
| Apparent Authority | Authority that a third party believes an agent has while acting on behalf of the principal |
| Appellate Court | The US courts of appeals in the federal system; hears appeals and reviews cases from the lower courts |
| Arraignment | A formal hearing during which the defendant is read the indictment or information and is asked to plead guilty or not guilty |
| Arrest | Occurs when a person is legally deprived of his or her freedom |
| Articles of incorporation | A legal document filed with the state to establish a corporation |
| Assault | Attempt to commit a battery |
| Arbitration | The use of an independent person or body officially appointed to settle a dispute |
| Asset Acquisition | When one corporation agrees to purchase the assets, such as property, buildings, and equipment, of a second corporation |
| Assignment | The transfer of a right under contract |
| Assumption of Risk | A defense against negligence that is raised when the plaintiff knew of the risk and still took the chance of being injured |
| Plaintiff | A person who brings a case against another in a court of law |
Created by:
cwilka97
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