Micro
Goods that as the price of one falls the the demand for the other also falls
Complementary Goods
What is a good that is consumed over a period of several years
Durable Good
A verification of financial records and accounting procedures conducted by a CPA or accounting firm
Audit
Another name for pin-hooking
Arbritage
The trade agreement signed by US, Mexico, and Canada in 1993
NAFTA
Goods that as the price of one rises the demand for the other rises
Substitute Goods
An economic downturn that is not as bad as an depression is...
Recession
A business organization owned and operated by a group of individuals for their mutual benefit
Cooperative (Co-op)
What type of demand exists when many consumers share a need for a product that is not satisfied by any existing product
Latent Demand
How many square miles are in 1280 acres
2
What type of market structure is there when no one seller can influence the price?
Perfectly competitive
What is the term for an intrinsically worthless commodity that serves as the medium of exchange by legal decree
Fiat Money
Legal right to hold property of another party or to have it sold or applied in a payment of claim
Lien
Horizontal
What type of wheat is used for making mainly pasta
Durum
What line shows all possible combinations of goods that a consumer can buy for a given money income
Budget Line
When government spending is greater than revenue brought in from taxes the government's budget is in a...
Deficit
Four functions of management
Planning, Organizing, Directing, and Controlling
What is the request for additional money that a futures trader is required to deposit if an adverse price move significantly devalues his initial deposit
Margin Call
Name 3 countries in OPEC
Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, and Venezuela
In what stage of production is average cost declining
Stage I
The general term for roads, power lines, ports, information networks, and other underpinnings for economic activity
Infrastructure
A plan where employees have a vested interest (stock ownership) in the company
ESOP (employee stock ownership plan)
Loss Leader
The U.S. exports most agriculture receipts to what country
Japan