Vocab Words for Chapters 20-22
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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 have been bought and paid for
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| Consumerism | a movement to educate buyers about the purchases they make and to demand better and safer products from manufacters
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| Comparison Shopping | buying strategy to get best buy for the money
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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 if it is faulty
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| Credit | money borrowed to pay for a good or service
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| Annual Percentage Rate | annual cost of credit expressed 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 | the payment people receive when they lend money or allow 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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| Dividend | a sum of money paid to shareholders of a corporation out of earnings.
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| 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.
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| Mutual Fund | an investment company that issues shares continuously and is obligated to repurchase them from shareholders on demand.
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| Demand | the quantity of goods that buyers will take at a particular price.
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| Law of Demand | A microeconomics law that states that, all other factors being equal, as the price of a good or service increases,
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| Market Demand | total of what everybody in the market wants
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| Utility | the state or quality of being useful
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| Marginal Utility | the extra utility or satisfaction derived by a consumer from the consumption of the last unit of a commodity.
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| Substitute | a person or thing acting or serving in place of another.
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| Complement | full quantity or amount
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| Demand Elasticity | refers to how sensitive the demand for a good is to changes in other economic variables.
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| Supply | The amount of goods and services that producers are able and willingly to sell at various prices during a specific time period
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| 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
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| Market Supply | curve is an upward sloping curve depicting the positive relationship between price and quantity supplied.
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| 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.
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| Supply Elasticity | Responsiveness of producers to changes in the price of their goods or services.
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| Equilibrium Price | where the supply of goods matches demand.
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| Price Ceiling | Maximum price that can be changed for goods and services- set by the govt
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| Price Floor | Minimum price that can be changed for goods and services- set by the govt
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| 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
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| 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.
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| Corporation | a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.
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| 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.
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| Stock | the goods or merchandise kept on the premises of a business or warehouse and available for sale or distribution.
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| Stockholder | shareholder.
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| Board of Directors | body of elected or appointed members who jointly oversee the activities of a company or organization
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| Cooperatives | a farm, business, or other organization that is owned and run jointly by its members, who share the profits or benefits.
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| Labor Union | an organized association of workers, often in a trade or profession, formed to protect and further their rights and interests.
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| 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
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| Collective Bargaining | negotiation of wages and other conditions of employment by an organized body of employees.
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| Mediation | intervention in a dispute in order to resolve i
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| Arbitration | the use of an arbitrator to settle a dispute.
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| Transparency | an image, text, or positive transparent photograph printed on transparent plastic or glass, able to be viewed using a projector.
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| 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.
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| Sole Proprietorship | s the simplest business form under which one can operate a business
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