Voc
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Disposable Income | money income left after all taxes on it have been paid
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| Discretionary Income | money income left after necessities been bought and paid for
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| Consumerism | movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers
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| Comparison Shopping | buying strategy to get best buy for the money
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| Warranty | the promise made by manufacturer or a seller to repair or replace a product within a certain time period if its faulty
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| Credit | money borrowed to pay for a good or service
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| APR | annual cost of credit expresses as a percentage of the amount borrowed
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| Collateral | property or valuable item serving as security for a loan
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| Bankruptcy | inability to pay debts
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| Interest | payment people receive when they lend money or allowed someone else to use their money
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| Principal | the most important
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| Return | profit earned through investing
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| Stock | ownership share of a corporation
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| Divided | payment of portion of a company's earnings
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| Bond | contract to repay borrowed money with interest at a specific time in the future
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| Mutual Fund | pools of money from many people who are invested in a selection of individuals stocks and bonds chosen by financial experts
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| Evaluate | to assess or find value of
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| Demand | the desire willingness and ability to buy a good or service
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| Law of Demand | concept that people are normally willing to buy less of a product if the price is high and more of it the price is low
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| market of demand | the total demand of all consumers for a product or service
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| utility | amount of satisfaction one gets from a good or service
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| Marginal utility | additional use that is derived from each unit acquired
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| Substitute | a competing product that consumers can use in place of another
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| complement | product often used with another product
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| Demand Elasticity | measure of responsiveness relating changes in price
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| supply | amount of goods or services that producers are able and willing to sell at various prices during a specified time period
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| law of supply | the principle that supplies will normally offer more for sale at higher prices and less at lower prices
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| profit | money a business receives for its products or services over and above its cost
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| market supply | total of all the supply schedules of all the business that provide the same good or services
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| subsidy | government payment to an individual business or a group in exchange for certain actions
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| supply elasticity | responsiveness of quality supplied to a change in price
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| equilibrium price | price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy
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| price ceiling | maximum price that can be charged for goods and services set by the government
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| price floor | minimum price that can be charged for goods and services set by the government
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| sole proprietorship | a business owned and operated by a single person
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| financial capital | money used to buy the tools and equipment used in production
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| articles of partnership | formal legal papers specifying the arrangements between partners
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| corporation | business organization owned by many people but treated by law as though it were a person
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| charter | written document granting land and the authority to set up colonial government
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| stock | ownership share of a corporation
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| stockholder | individual who was invested in a corporation and owns some if its stock
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| board of directors | people elected by the shareholders of a corporation to act on their behalf
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| cooperatives | a voluntary association of people formed to carry on some kind of economic activity that will benefit its members
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| labor union | association of workers organized to improve wages and working conditions
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| right to work law | state laws forbidding unions from forcing workers to join
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| collective bargaining | process by which unions and employees negotiate the conditions of employments
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| mediation | situation in which union and company officials bring In a third party to try to help them reach an agreement
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| arbitration | situation in which union and company officials submits the issues they cannot agree on to a third party for a financial decision
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| transparency | process of making business deals more visible to everyone
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| social responsibility | obligation a business has to pursued goals that benefits society as well as themselves
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Created by:
olivialocklear
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