Chapter 20-22
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. (Pg. 539)
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| Discretionary Income | Money income left after necessities have been bought and paid for. (Pg. 539)
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| Consumerism | A movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers. (Pg. 540)
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| Comparison Shopping | Buying strategy to get best buy for the money. (Pg. 541)
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| Warranty | The promise made by a manufacturer or a seller to repair or replace a product within a certain time period of it is faulty. (Pg. 542)
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| Credit | Money barrowed to pay for a good or service. (Pg. 547)
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| Annual Percentage Rate (APR) | Annual cost of credit expressed as a percentage of the amount borrowed. (Pg. 547)
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| Collateral | Property of valuable item serving as security for a loan. (Pg. 547)
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| Bankruptcy | Inability to pay debts. (Pg. 549)
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| Interest | The payment people receive when they lend money or allow someone else to use their money. (Pg. 544)
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| Principal | The most important. (Pg. 667)
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| Return | Profit earned through investing. (Pg. 557)
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| Stock | Ownership share of a corporation. (Pg. 557, 604)
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| Dividend | Payment of a portion of a company's earnings. (Pg. 557)
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| Bond | Contract to repay borrowed money with interest at a specific time in the future. (Pg. 557, 688)
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| Mutual Fund | Pools of money from many people who are invested in a selection of individual stocks and bonds chosen by financial experts. (Pg. 558)
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| Demand | The desire, willingness, and ability to buy a good or service. (Pg. 569)
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| 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.v569)
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| Market Demand | The total demand of all consumers for a product or service. (Pg. 570)
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| Utility | The amount of satisfaction one gets from a good or service.(Pg. 570)
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| Marginal Utility | Additional use that is derived from each unit acquired. (Pg. 572)
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| Substitute | A competing product that consumers can use in place of another. (Pg. 575)
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| Complement | Product often used with another product. (Pg. 576)
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| Demand Elasticity | Measure of responsiveness relating change in quantity demanded to a change in price. (Pg. 577)
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| Supply | The amount of goods and services that producers are able and willing to sell at various prices during a specified time period. (Pg. 581)
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| Law of Supply | The principle that suppliers will normally offer more for sale at higher prices and less at lower prices. (Pg. 581)
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| Market of Supply | The total of all the supply schedules of all the businesses that provide the same good or service. (Pg. 584)
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| Subsidy | A government payment to an individual, business, or group in exchange for certain actions. (Pg. 585)
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| Supply Elasticity | Responsiveness of quantity supplied to change in price. (Pg. 586)
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| Equilibrium Price | The price at which the amount producers are willing to supply is equal to the a mount consumers are willing to buy. (Pg. 589)
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| Price Ceiling | Maximum price that can be charged for goods and services, set by the government. (Pg. 589)
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| Price Floor | Minimum price that can be charged for goods and services, set by the government. (Pg. 589)
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| Sole Proprietorship | A business owned and operated by a single person. (Pg. 601)
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| Financial Capital | Money used to buy the tools and equipment used in production. (Pg. 601)
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| Articles of Partnership | Formal legal papers specifying the arrangement between partners. (Pg. 602)
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| Corporation | Type of business organization owned by many people but treated by law as though it were a person. (Pg. 603)
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| Charter | A written document granting land and the authority to set up colonial governments. (Pg. 36); Or a government document granting permission to organize a corporation. (Pg. 404, 604, 740)
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| Stock | Ownership share of a corporation. (Pg. 557, 604)
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| Stockholder | An individual who has invested in a corporation and owns some of its stock. (Pg. 604)
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| Board of Directors | People elected by the shareholders of a corporation to at on their behalf. (Pg. 604)
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| Cooperatives | A voluntary association of people formed to carry on some kind of economic activity that will benefit its members. (Pg. 606)
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| Labor Union | Association of workers organized to improve wages and working conditions. (Pg. 609)
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| Right-to-Work Law | State laws forbidding unions from forcing workers to join. (Pg. 610)
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| Collective Bargaining | Process by which unions and employers negotiate the conditions of employment. (Pg. 611)
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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. (Pg. 611)
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| Arbitration | Situation in which union and company officials submit the issues they cannot agree on to a third party for a final decision. (Pg. 611)
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| Transparency | Process of making business deals more visible to everyone. (Pg. 617)
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| Social Responsibility | The obligation a business a business has to pursue goals that benefit society as well as themselves. (Pg. 618)
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