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liquidity
the ease with which savings or other assets can be converted to cash
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lockout
suspending business and wages to pressure a union to accept management's terms
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long-term loans
loans that mature (come due) in more than a year
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macroeconomics
the study of the economy as a whole
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market
place where buyers and sellers come together
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market economy
an economic system in which national economic decisions are the result of decisions by individual buyers and sellers in the marketplace
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marketing
the business activities that take place between production and consumption
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marketplace
any place in which goods are bought and sold
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market price
price at which goods or service and money will actually be exchanged. The price at which supply exactly equals demand.
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mass production
the production of goods and services on a large scale, using division of labor and machinery or technology
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mediation
method for settling labor disputes in which a third party makes nonbinding suggestions
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mercantilists
some of the first modern economists who believed that nations should behave like merchants competing with one another; they wanted government support to keep the nation's businesses competitive
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merger
combination of previously separate firms into one
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microeconomics
the study of the individual parts of the economy with special attention to the market process and how it works
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minimum wage laws
establish the lowest legal wage that an employer can pay
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mixed economy
economic system that combines elements of public ownership of the means of production with private ownership
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monetary policy
use of Federal Reserve's power to control the supply of money and credit to influence economic activity in the nation as a whole, particularly to control inflation and stimulate economic growth
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money
can be anything that is generally accepted in payment for goods and services
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money market
market for short-term credit instruments such as Treasury bills
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money-market funds
mutual funds that use the resources of their investors to buy money-market certificates
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monopolist
seller who controls the supply of a good or a service
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monopolistic competition
a market in which many firms are selling similar products
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monopoly
market in which there is only one seller
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mortgage
a long-term loan usually used to finance a building
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mutual funds
corporations that sell stock and use the proceeds to invest or speculate in the securities markets
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nationalization
government takeover of a pricately owned industry
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natural resources (land)
the things provided by nature that go into the creation of goods and services
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near monies
assets that are easily turned into cash
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net exports
the difference between total exports and total imports over the course of a year
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net interest
an item in the federal budget representing the difference between the interest earned by the government on its investments and the interest it must pay on its debts
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net worth
the difference between a firm's assets and its liabilities
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nonprice competition
methods other than selling-price changes used by firms to compete with one another
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notes payable
short-term loans owed by the corporation
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not-for-profit corporation
one that has been organized to serve some particular educational, social, charitable or religious purpose rather than to earn a profit
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oligopoly
market dominated by a few large firms
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OPEC (Organization of Petroleum Exporting Countries)
a cartel of crude-oil producing countries formed to regulate the production and prices of petroleum on international markets
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open (or public) corporation
one whose stock is sold to the public
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Open Market Committee
agency of the Federal Reserve that regulates the nation's money supply
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open-market operations
refers to the purchase and sale of government securities by the Fed's Open Market Committee
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open shop
a business open equally to union and nonunion workers
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opportunity cost
the amount of goods and services that must be given up in order to obtain other goods and services
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output per worker per hour
terms in which productivity is usually measured
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over-the-counter market
brokerage firms around the nation that buy and sell securities of smaller firms not listed on the large exchanges
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overhead costs
fixed costs of doing business
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partnership
unincorporated business organization owned by two or more persons
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passbook and statement savings accounts
savings accounts offering case of withdrawal, safety of prrincipal, and low interest rates
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patent
a monopoly to use a new product or idea exclusively for 17 years
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per capita real GNP
GNP adjusted for changes in average prices and divided by the population; a figure showing the amount of real goods and services per person produced in the nation in a given year
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perfect competition
a market for uniform products in which there are many buyers and sellers, no one of which is big enough to affect the price, full knowledge of market conditions
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preferred stock
stock that receives a specified dividend before any dividends are paid on common stock and that receives a share of the assets of a liquidated corporation ahead of common stockholders
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price
the money value of a good or service
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price discrimintation
practice of selling the same product for less to one company than to another
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price stability
the absence of inflation or deflation
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price system
exonoomic system in which resources are allocated as a result of the interaction of the forces of supply and demand
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principal
the amount borrowed
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private property
basic right of the free enterprise system that guarantees the individuals right to own, use, and dispose of things of value
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producer co-ops
manufacturers and marketers of products on behalf of their members
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product
the good or service one receives in an exchange
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product differentiation
process of creating uniqueness in a product
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product labeling
attaching to a product statements identifying its contents and use
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production possibilities curve
a curve showing the possible combinations of total output that could be produced if a nation's resources were fully employed
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productive capital
things used to produce goods and services
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productivity
the output of goods and services as measured per unit of time, per person, per company...
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profit
what remains after the costs of doing business have been met
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profit and loss statement
summary of a firm's revenue, costs and taxes over a period of time
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profit margin
difference between cost and selling price
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profit motive
the desire to benefit from the investment of time and money in a business enterprise
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progressive tax
ne that takes a larger percentage of a higher income and a smaller percentage of a lower income
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promotion
program designed to sell goods or services to the public
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proportional tax
one that takes the same percentage of all incomes regardless of size
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prospectus
a statement containing perinent financial information published when a corporation is about to issue new securities
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protective tariff
tariff levied to protect a domestic industry from foreign competition
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proxy
a written authorization transferring voting rights to another at a stockholders' meeting
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public utilities
privately owned firms that provide an essential public service and are subject to government regulation
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purchasing power
value of money
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quality circles
small, voluntary groups of employees who meet regularly to identify and solve work problems
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quality control
maintaining acceptable and dependable lvels of quality in production
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quotas
restrictions on the number of goods that can enter the country from abroad
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rate of exchange
the price at which a particular currency sells in terms of other currencies
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rate of inflation
annual percentage increase in the general level of prices
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rate of return
the amount of interest or dividends stated as a percentage of the principal of an investment
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national appeals
rely on logic or reason to convince the consumer to buy a product
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real GNP
adjusted for changes in the price level
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recession
the bottom of the busines cycle
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regressive tax
one that takes a higher percentafe of a low income and a lower percentage of high income
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rent
return paid to those who supply the factor of production known as land
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research and development
activity directed towards discovering new products & processes
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reserve ratio
the proportion of a bank's deposits that cannot be loaned
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resources
anything used as an input in the creation of goods and services
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retained earnings
undistributed profits
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revenue tariff
tax on imports designed to raise money for the gov
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right to work laws
state laws guaranteeing individuals the right to hold a job without being required to join a union
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rural community
one in which there are fewer than 2500 residents
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sales tax
a regressive tax added to the sale of goods when they are sold
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savings institution
financial institution that holds personal savings
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scarcity
a limit to the supply of productive resources or consumer goods in relation to producers' or consumers' demand for them
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S corporation
business organization that enjoys advantages of the corporation without being subject to corporate taxes
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security exchange
market where brokers meet to by and sell stocks and bonds
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Securities and Exchange Comission SEC
Federal agency charged with protecting the public against wrogdoing in the sale of securities
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seniority
the importance assigned to a worker's length of service whin it comes to questions of raises or layoffs
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