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PASS: Economic Institutions

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Term
Definition
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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