TERMS 101-150

the interest rate charged by the Federal Reserve on its loans to banks and other financial instititutions

money left after buying necessities

one of the 12 banks that make up the Federal Reserve System

payments made from the earnings of a corporation to its stockholders

breaking down a large task into a series of small ones so that each worker completes one or a few of the steps involved

selling the same goods for a lower price abroad than at home

profits

increases in an economy's total output over a period of time

a statistical measurement of the state of the economy or some important part of the economy

any simplified statement, diagram or formula used to understand economic events

the amount received by property owners over and above the lowest price they would have accepted

the social science that describes and analyzes how society chooses from among scarce resources to satisfy its wants

the approach a country uses to deal with scarcity and achieve its economic goals

decrease in the unit cost of a product or service because of large-scale production

the effort to get the most out of one's resources

supply of money expands and contracts with the needs of business

measure of buyers' eagerness to acquire a good or service

measure of how easily sellers can increase or decrease the quantity supplied

the right of government to take private property, at a fair price, for public purposes

allow workers to assume reponsibilities normally held by management

as a family's income increases, the percentage spent for necessities decreases, while the percentage spent for luxuries increases

a person who creates a business in the hope of earning a profit; also a person who organizes, manages and assumes the risks of a business enterprise

the managerial or organizational skills needed by most firms to produce goods and services at a profit

tells us that total spending is equal to the total value of the goods and service produced by the economy MV=PQ

the price of a good or service at which the quantity demanded matches the quantity supplied

th number of products that would be sold at the equilibrium or market price

the amount of a product that could be sold at a price lower than the market price

the amount of a product available at a price higher than the market price

a tax levied on the manufacture or sale of a specific item

phase of the business cycle following recession when the economy beings to recover

the money that we spend

good or service sold to a buyer in another country

a payment by a country to exporters enabling them to sell their products abroad at a lower price than at home

funds, such as loans, that come from outside the firm

the effects of economic activities that fall outside the market system

the productive resources of land, labor, capital and entrepreneurship

offers advice to the Federal Reserve System on the nation's financial problems

one of 12 district banks of the Federal Reserve System

nation's central bank

a government agency established to help prevent unfair business advertising and other trade practices

law passed by COngress in 1914 which set up the Federal Trade Commission

the amount charged to use credit

use of the federal government's power to tax and spend to regulate economic activity

costs that remain the same regardless of how much business a firm does; also called overhead

a tax that would eliminate most deductions and apply the same tax rate to all incomes

place where foreign currencies are bought and sold

system in which banks hold a percentage of their customers' deposits and lend the rest

a license to operate an individually owned business as if it were part of a large chain

one who purchases a franchise

an economic system based on private ownership of property, competition, and the profit motive