PASS: Economic Institutions
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| corporation | a form of business ownership that
allows a company by law to exist and
conduct business affairs in its own
name; supported with common and
preferred stock
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| demand deposit | funds deposited in a bank that are
available upon demand
Example: checking account
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| discount rate | the interest rate charged by the Federal
Reserve System for temporary loans to
its member banks
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| Federal Reserve System (Fed) | a United States government agency
whose basic role is to control the
nation’s money supply
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| inflation | a sustained increase in the average level
of prices of goods and services resulting
in a loss of the purchasing power of
money
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| legal tender | currency that may be lawfully offered in
payment of debts
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| money supply | the amount of money in circulation
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| monopolistic competition | a system in which there are only a few
sellers in the marketplace
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| monopoly | exclusive control of a commodity or
service in a particular market
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| oligopoly | the market condition that exists when
only a few sellers have the resources to
produce a particular good, such as an
automobile or aircraft
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| partnership | a business owned by two or more
persons
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| prime interest rate | the interest rate charged by a bank to its
best customers for a short-term loan
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| public utility | a company granted exclusive control of
a good or service offered to the public
Example: electric company
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| pure competition | a market in which many independent
sellers offer the same goods and services
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| pure monopoly | a market in which there is only one
seller of a product
Example: public utilities
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| recession | a decrease in demand for goods and
services and an increase in
unemployment leading to a decline in
the economy; a downturn in the
economy, characterized by a decrease in
business activity
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| sole proprietorship | a business owned by one person
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| time deposit | deposits with specific maturity periods;
usually pay higher interest than demand
deposits
Example: certificates of deposit
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