Economics Chapter 5

  1. club warehouse store
    store that carries a limited number of brands and items in large quantities and is less expensive that supermarkets
  2. convenience store
    store open 16 to 24 hours a day, carrying a limited selection of relatively higher-priced items
  3. private-labeled products
    lower-priced store-brand products carried by some supermarket chains and club warehouse chains
  4. durability
    ability of an item to last a long time
  5. service flow
    amount of use a person gets from an item over time and the value a person places on this use
  6. closing costs
    fees involved in arranging for a mortgage or in transferring ownership of property
  7. points
    fees paid to a lender and computed as a percentage of load
  8. lease
    long-term agreement describing the terms under which property is rented
  9. security deposit
    money a renter lets an owner hold in case the rent is not paid or an apartment is damaged
  10. registration fee
    licensing fee, usually annual, paid to state for the right to use a car
  11. liability insurance
    insurance that pays for bodily injury and property damage
Card Set
Economics Chapter 5
Terms for my high school economic class, chapter 5