TERMS 151-200

a market that opperates under conditions of perfect competition

the absence of any trade restrictions

temporary, unavoidable unemployment

advantage of a corporation allowing a stockholder no legal responsibility for its debts beyond the sum he or she has invested in the corporation

items other than wages that the employer pays for such as health insurance, retirement plans and vacations

legally binding agreements to deliver or accept delivery of a specific commodity on a specific date

products sold without a trademark or brand name

tangible items of value; you can see them

the Soviet's state planning commission

one that has been created to provide services that private enterprise is unable or unwilling to offer

money given by the federal government to state and local governments for a specific purpose

the worst depression in American history, lasting from 1930-1940

procedure that employees follow if the=y feel they have been treated unfairly

total value of the goods and services produced within a country in a single year

a measure of the nation's total output of goods and services per year

type of health insurance that entitles members to unlimited visits to a doctor

combination of companies in the same business

one or more persons living in the same dwelling (such as a house or an apartment) and functioning as an economic unit

multiple dwelling units that are owned by their tenants

the physical and mental effort needed to produce goods and services

Joan Robinson's term to describe markets in which sellers have more freedomto determine prices than in perfect competition but less than in monopoly

good or service purchased from a seller in another country

see tax incidence

see profit-and-loss statement

a tax on the income earned by individuals and corporations

a measure of relative value compared to a base number

period of rising prices during which the purchasing power of the dollar is falling

the basic facilities such as roads, harbors and utilities on which the smooth operation of the economy depends

a court order forbidding individual r organization from engaging in an activity

anything that goes into the production process

payment for using someone else's money; income derivde from allowing someone else to use one's capital

funds, such as profits, that come from within the firm

agenct if the World Bank that makes very long-term loans to the poorest of nations

provides capital and managerial assistance to private business in the less-develpoed countries

an agency that lends foreign exchange to LDC's and other member nations

stock of goods held by business

using money to purchase real capital (equipment, new tools, industrial buildings) to be used in the production of goods and services

practice of favoring one froup over anothier in hiring, salary or promotion for reasons that have nothing to do with ability

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

the human effort required to produce goods and services

generally refers to unskilled workers, such as freight handlers, sweepers, trash collectors and the like

associations of workers formed to promote the interests of their members

French term meaning "let them do"; describes a policy of minimal involvement of government in business

all else being equal, more items will be sold at a lower price than at a higher price

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.

sellers will offer more of a product at a higher price and less at a lower price

right to be the sole provider of a good or service, such as public utilities, patents and copyrights

currency accepted in payment of debt

countries in which per capita real income is much lower than in idustrialized nations

any claim on, or debt of, a business or individual