TERMS 301-354

  1. service industries
    businesses which provide services, such as health care, legal advice or appliance repair
  2. services
    intangible items of value, such as the work of physicians, lawyers, actors or mechanics
  3. Sherman Antitrust Act
    a law passed by Congress in 1890 that prohibits monopolies or any business combination that restrains trade
  4. short-term loans
    loans that must be repaid in a year or less
  5. slogans
    words or phrases used in advertising that sound great but mean little or nothing
  6. socialist economy (socialism)
    economic system in which the principal means of production are owned by the state, and resources are allocated by central planning
  7. sole proprietorship
    a business that is owned by one person
  8. specialization
    production of a limited variety of products by a business, region, or country
  9. standard of living
    a measure of the amount of goods and services an individual or group considers essential
  10. stock
    share in the ownership in a corporation
  11. stockholder
    owner of stock in a corporation
  12. strike
    work stoppage to pressure management to accept union demands
  13. structural unemployment
    unempoloyment resulting from changes in technology, consumer preference or movement of jobs from one region to another
  14. subsidy
    financial aid
  15. substinence level
    the level of income necessary to maintain a minimum standard of living; any less will result in hunger and disease
  16. supply
    refers to the number of items that sellers will offer for sale at various prices at a given time
  17. surplus
    excess of revenue over expenditures
  18. tariff
    a tax or duty on imports
  19. tax base
    the money, property and people on whom taxes could be levied
  20. tax incidence
    the final effect of a tax; who will really have to pay the tax
  21. technological revolution
    refers to a relatively sudden change resulting from the introduction of new products or processes
  22. technology
    the applicatiopn of science to commerce and industry
  23. testimonials
    advertisements in which a famous person claims that he or she uses and enjoys a particular product
  24. thrift institutions
    savings and loan associations, mutual savings banks and credit unions
  25. trade loans
    credit extended by vendors to their customers
  26. trademarks
    special designs, names or unique symbols that identify a product, service or company
  27. trade-off
    giving up one thing in order to obtain something else
  28. traditional economy
    an economic system that allocates scarce resources according to custom; change and growth are very slow; people do what their parents did before them; and most goods are produced and consumed locally
  29. transfer payments
    payments that represent a redistribution of wealth, such as Social Security benefits, pensions, welfare, rather than an exhange of goods or services
  30. travelers' checks
    checks sold by certain banks and specialized firms (such as American Express) that are refundable if lost or stolen
  31. Treasury bills
    securities of the federal government issued for terms of less than a year. The purchasers are lending money to the government
  32. trust
    an arrangement whereby a bank provides safekeeping and management of funds for individuals, estates or institutions such as pension funds. The term also refers to a specific form of monopolistic practice, and sometimes to monopoly in general--as in "antitrust" law
  33. underground economy
    exchanges of goods and services not reported to the IRS for tax purposes
  34. underwrite
    to assume risk as in the case of those who underwrite the sale of securities by purchasing an entire issue from the corporation and marketing it on their own
  35. unemployment rate
    indicator of economic activity that compares the number of people in the labor force to the number looking for work; percentage of the labor force unable to find jobs
  36. union shop
    allows nonunion workers to be hired on condition that they join the union
  37. unit cost
    the cost of producing an item; determined by dividing total costs by the number produced
  38. United States savings bondds
    small-denomination certificates issued by the U.S. government for relatively long terms; purchasers are lending money to the government
  39. unlimited liability
    requirement that the owner or owners assume full responsibility for all losses or debts of a business
  40. urban community
    one in which 50,000 or more people live in a central city and its surrounding suburbs
  41. urban enterprise zone
    area offering special tax incentives to businesses locating within its boundaries
  42. vakye-added tax
    tax levied on the value added to goods at every stage of production
  43. variable costs
    costs that increase as the number of units produced increases
  44. variable expense
    expenses that increasee or decrease with the volume of business
  45. velocity
    the number of times that the money supply is spent in a year; the speed at which money circulates
  46. venture capital
    money available for high-risk investments
  47. vertical merger
    combination of companies involved in different steps of the same production process; also called vertical integration
  48. wages
    the price paid for the use of labor
  49. wampum
    a form of money used by Native Americans
  50. water pollution
    water is considered polluted when it cannot be used for its intended purpose
  51. wealth
    the total value of one's tangible assets
  52. World Bank
    officially, the International Bank for Reconstruction and Development, the bank is an international agency that makes loans to less-developed countries as a way of stimulating economic growth
  53. yellow-dog contract
    agreement signed by workers in which they promise not to join a union. Outlawed by the Norris LaGuardia Act
  54. yield
    actual amount of interest earned; depends on the rate of return and the frequency of compounding
Card Set
TERMS 301-354
DECA Competencies