TERMS 301-354

businesses which provide services, such as health care, legal advice or appliance repair

intangible items of value, such as the work of physicians, lawyers, actors or mechanics

a law passed by Congress in 1890 that prohibits monopolies or any business combination that restrains trade

loans that must be repaid in a year or less

words or phrases used in advertising that sound great but mean little or nothing

economic system in which the principal means of production are owned by the state, and resources are allocated by central planning

a business that is owned by one person

production of a limited variety of products by a business, region, or country

a measure of the amount of goods and services an individual or group considers essential

share in the ownership in a corporation

owner of stock in a corporation

work stoppage to pressure management to accept union demands

unempoloyment resulting from changes in technology, consumer preference or movement of jobs from one region to another

financial aid

the level of income necessary to maintain a minimum standard of living; any less will result in hunger and disease

refers to the number of items that sellers will offer for sale at various prices at a given time

excess of revenue over expenditures

a tax or duty on imports

the money, property and people on whom taxes could be levied

the final effect of a tax; who will really have to pay the tax

refers to a relatively sudden change resulting from the introduction of new products or processes

the applicatiopn of science to commerce and industry

advertisements in which a famous person claims that he or she uses and enjoys a particular product

savings and loan associations, mutual savings banks and credit unions

credit extended by vendors to their customers

special designs, names or unique symbols that identify a product, service or company

giving up one thing in order to obtain something else

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

payments that represent a redistribution of wealth, such as Social Security benefits, pensions, welfare, rather than an exhange of goods or services

checks sold by certain banks and specialized firms (such as American Express) that are refundable if lost or stolen

securities of the federal government issued for terms of less than a year. The purchasers are lending money to the government

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

exchanges of goods and services not reported to the IRS for tax purposes

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

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

allows nonunion workers to be hired on condition that they join the union

the cost of producing an item; determined by dividing total costs by the number produced

small-denomination certificates issued by the U.S. government for relatively long terms; purchasers are lending money to the government

requirement that the owner or owners assume full responsibility for all losses or debts of a business

one in which 50,000 or more people live in a central city and its surrounding suburbs

area offering special tax incentives to businesses locating within its boundaries

tax levied on the value added to goods at every stage of production

costs that increase as the number of units produced increases

expenses that increasee or decrease with the volume of business

the number of times that the money supply is spent in a year; the speed at which money circulates

money available for high-risk investments

combination of companies involved in different steps of the same production process; also called vertical integration

the price paid for the use of labor

a form of money used by Native Americans

water is considered polluted when it cannot be used for its intended purpose

the total value of one's tangible assets

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

agreement signed by workers in which they promise not to join a union. Outlawed by the Norris LaGuardia Act

actual amount of interest earned; depends on the rate of return and the frequency of compounding