TERMS 151-200

  1. free market
    a market that opperates under conditions of perfect competition
  2. free trade
    the absence of any trade restrictions
  3. frictional unemployment
    temporary, unavoidable unemployment
  4. limited liability
    advantage of a corporation allowing a stockholder no legal responsibility for its debts beyond the sum he or she has invested in the corporation
  5. fringe benefits
    items other than wages that the employer pays for such as health insurance, retirement plans and vacations
  6. future contracts
    legally binding agreements to deliver or accept delivery of a specific commodity on a specific date
  7. generic produicts
    products sold without a trademark or brand name
  8. goods
    tangible items of value; you can see them
  9. Gosplan
    the Soviet's state planning commission
  10. government-owned corporation
    one that has been created to provide services that private enterprise is unable or unwilling to offer
  11. grants-in-aid
    money given by the federal government to state and local governments for a specific purpose
  12. Great Depression
    the worst depression in American history, lasting from 1930-1940
  13. greivance procedures
    procedure that employees follow if the=y feel they have been treated unfairly
  14. gross domestic product
    total value of the goods and services produced within a country in a single year
  15. gross national product (GNP)
    a measure of the nation's total output of goods and services per year
  16. health maintenance organization (HMO)
    type of health insurance that entitles members to unlimited visits to a doctor
  17. horizontal merger
    combination of companies in the same business
  18. household
    one or more persons living in the same dwelling (such as a house or an apartment) and functioning as an economic unit
  19. housing co-ops
    multiple dwelling units that are owned by their tenants
  20. human resources (labor)
    the physical and mental effort needed to produce goods and services
  21. imperfect competition
    Joan Robinson's term to describe markets in which sellers have more freedomto determine prices than in perfect competition but less than in monopoly
  22. import
    good or service purchased from a seller in another country
  23. incidence
    see tax incidence
  24. income statement
    see profit-and-loss statement
  25. income tax
    a tax on the income earned by individuals and corporations
  26. index number
    a measure of relative value compared to a base number
  27. inflation
    period of rising prices during which the purchasing power of the dollar is falling
  28. infrastructure
    the basic facilities such as roads, harbors and utilities on which the smooth operation of the economy depends
  29. injunction
    a court order forbidding individual r organization from engaging in an activity
  30. input
    anything that goes into the production process
  31. interest
    payment for using someone else's money; income derivde from allowing someone else to use one's capital
  32. internal funds
    funds, such as profits, that come from within the firm
  33. International Development Association
    agenct if the World Bank that makes very long-term loans to the poorest of nations
  34. International Finance Corporation (IFC)
    provides capital and managerial assistance to private business in the less-develpoed countries
  35. International Monetary Fund
    an agency that lends foreign exchange to LDC's and other member nations
  36. inventory
    stock of goods held by business
  37. investment
    using money to purchase real capital (equipment, new tools, industrial buildings) to be used in the production of goods and services
  38. job discrimination
    practice of favoring one froup over anothier in hiring, salary or promotion for reasons that have nothing to do with ability
  39. L
    the broadest definition of the U.S. money supply. Includes everything found in the other definitions (see M1, M2 and M3) plys U.S. savings bonds. Treasury bills, and other credit instruments
  40. labor
    the human effort required to produce goods and services
  41. laborer
    generally refers to unskilled workers, such as freight handlers, sweepers, trash collectors and the like
  42. labor unions
    associations of workers formed to promote the interests of their members
  43. laissez faire
    French term meaning "let them do"; describes a policy of minimal involvement of government in business
  44. law of demand
    all else being equal, more items will be sold at a lower price than at a higher price
  45. law of diminishing returns
    as variable inputs are applied to the fixed input, output will increase at first. But, if the process is continued, a point will be reached (the point of diminishing returns) at which output per unit of input will begin to decrease.
  46. law of supply
    sellers will offer more of a product at a higher price and less at a lower price
  47. legal monopoly
    right to be the sole provider of a good or service, such as public utilities, patents and copyrights
  48. legal tender
    currency accepted in payment of debt
  49. less-developed countries (LDC'S)
    countries in which per capita real income is much lower than in idustrialized nations
  50. liability
    any claim on, or debt of, a business or individual
Card Set
TERMS 151-200
DECA competencies