ANNUAL PERCENTAGE RATE (APR)

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

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 plan for the use of time, money or resources.

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 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.

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.

Coins, currency, or the equivalent (example: money orders, personal checks, cashier’s checks).

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.

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

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

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.

A sum or percentage paid to an agent for his or her services.

To examine for similarities and differences.

The efforts of two or more businesses to secure the consumer's business; techniques used by businesses to gain more customers and to earn higher profits; see rivalry.

A market in which there are many buyers and sellers, no barriers to entry and a homogeneous product.

Interest paid upon money deposited in an account and also on all the interest already earned by the deposit; see simple interest.

The wise use of natural resources.

To buy and/or use goods and/or services.

People or businesses whose wants are satisfied by using goods and services; those who buy and make final use of goods and services.

Tangible objects—food, automobiles, shoes, etc.—that satisfy consumer wants and/or needs.

Productive acts of labor that do not result in tangible products, but do satisfy consumer wants and/or needs.

Chartered by the state, a business that operates as a legal entity separate from its owners.

A person who shares the responsibility of the loan with the primary borrower.

1. The price of a good or service; the money cost; 2. The value of goods and services that are given up in order to purchase or produce a particular good or service (opportunity cost); 3. The value of goods and services used to produce an output (cost of production).

All resources used in producing goods and services, for which owners receive payment.

Obtaining money, goods or services with a nominal initial payment (called the down payment) with the promise to pay in the future, usually with some additional amount of money (called interest or carrying charge) added to pay for the use of the money.

A card issued by a business, bank or financial institution that allows one to have credit with that business or, if it is a bank card, with many businesses.

The maximum amount that a borrower can borrow on a particular loan or credit card.

The full price one pays for a good or service if one buys it on credit; equal to the cash price plus interest.

A-Team Glossary Terms 1 Flashcards

Student preview

52 questions

Show all answers

1.

FLASHCARD QUESTION

Front

ABUNDANT RESOURCES

Back

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

ALTERNATIVE COST

Back

See opportunity cost.

7.

FLASHCARD QUESTION

Front

ALTERNATIVES

Back

Choices.

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