ANNUAL PERCENTAGE RATE (APR)

The interest rate or the cost of credit for one year.

The settlement of a dispute by a person or persons chosen to hear both sides and come to a decision.

An arrangement in which a product is assembled by having each worker perform one specialized task as the product passes by on a moving conveyance; see specialization.

The preset amount of credit available on a credit card.

AVERAGE PER-CAPITA INCOME

Average earnings of persons in a specific market area.

AVERAGE PER-FAMILY INCOME

Average earnings of families in a specific market area.

The amount of money one has in a bank account.

A business that stores money (in checking and savings accounts) and that exchanges and lends money.

A card, like Visa or MasterCard, that lets one make purchases or obtain cash advances and repay the cost of those purchases plus interest (in most instances) over time.

The direct trade or exchange of goods and services between people without the use of money; see exchange and trade.

Anything that is helpful or advantageous.

To receive advantages or good things as a direct result of employment; also called fringe benefits.

To use money belonging to another person or financial institution, usually by agreeing to pay interest for the use of the money.

A person who acts as an agent in making contracts, sales or purchases, particularly of stocks, bonds or real estate.

A plan for the use of time, money or resources.

Expenditures in excess of revenues, particularly government expenditures in excess of tax revenue, financed by borrowing or money creation.

Excess of revenue over expenditures, particularly government tax revenues greater than expenditures; may be impounded or used to retire public (national) debt.

A basic economic unit; an organization involved in the buying of and hiring of resources to produce a good and/or service with the intention of making a profit for the owner(s).

A predictable long-term pattern of alternating periods of economic growth (recovery) and decline (recession), characterized by changing employment, industrial productivity, and interest rates; also called economic cycle.

A professional who systematically manages the tasks of the business to achieve success.

1. One of the factors of production; 2. A man-made resource used in the production of goods and services; includes factories, equipment, machinery, etc.; 3. Durable goods used to produce final goods and services; also called capital goods or capital resources.

Addition to the stock of capital goods; also called capital growth.

Tools, machinery, buildings, etc. used to produce final goods or services; see capital.

Goods made by people and used to produce other goods and services; also called intermediate goods.

An economic system based on private ownership of property or productive resources that owners may use to produce goods or services and receive the profits or losses from this use; system characterized by competition, the profit incentive and free markets.

Interest paid to a business when the firm allows one to purchase goods or services on credit; also called interest or finance charge.

An organization of producers designed to limit competition between members usually by restricting output to raise prices; Example: OPEC is a petroleum cartel.

Coins, currency, or the equivalent; Examples: money orders, personal checks, cashier’s checks.

The full price one pays for a good or service if one pays with cash; see credit price.

A written order to a bank to pay a certain amount of money from a person’s account to a business or some other person.

A bank, credit union or other financial institution account that is available on demand; the owner of the account writes a check that is treated like currency in the market; Note: Demand deposits—the amount of money deposited in checking accounts—are one component (part) of the money supply.

What someone must make when faced with two or more alternative uses for a resource; also called economic choice.

A model of an economy showing the interactions between households and businesses as they exchange goods and services and resources in markets.

The government of the local town or incorporated municipality; Example: the government of the City of Lakeland.

1. One of the components (parts) of the money supply; 2. A piece of metal stamped with a design and issued to the public to be used as money.

Assets that can be pledged to obtain a loan.

COLLECTIVE BARGAINING

Bargaining by a committee or union (representing the employees of a business or industry) with an employer or group of employers to arrive at agreements regarding wages, hours or conditions of employment for all employees.

A farm owned and operated by the state on which workers are paid wages to produce crops that belong to the state; common in China.

An economy in which decisions are made by the government: what goods and services to produce, what productive methods to use, how to allocate resources, how to distribute output and what prices to charge.

A group of countries that agree to eliminate all tariffs (or other restrictions) on international trade between each other and to have a common external tariff on all products coming from non-members.

ATeam 1 - Economics Terms Flashcards

Student preview

75 questions

Show all answers

1.

FLASHCARD QUESTION

Front

ABUNDANT RESOURCES

Back

Those resources that are in relatively large supply; see scarce resources.

2.

FLASHCARD QUESTION

Front

ACCOUNT

Back

1. The money available to the client of a bank; 2. The location in the bank—name or number—where the client’s money is stored.

3.

FLASHCARD QUESTION

Front

ADVERTISE

Back

Informing consumers about a good or service, particularly by praising it.

4.

FLASHCARD QUESTION

Front

Back

The method by which a business lets the consumer know about its good or service; provides information about the good or service that the producer or distributor wishes to be known.

5.

FLASHCARD QUESTION

Front

ADVERTISER

Back

One who advertises.

6.

FLASHCARD QUESTION

Front

ALLOCATE

Back

To use for a particular purpose.

7.

FLASHCARD QUESTION

Front

ALLOCATION OF RESOURCES

Back

The distribution of the available factors of production (resources) among the various uses to which they might be put.

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