FINANCE & BUSINESS
Borrowing money with the promise to repay it later
credit
A plan for spending money
budget
Goods brought into a country
import
Consumer desire for a product
demand
Data collected firsthand
primary data
A tax placed on imported goods
tariff
Shows revenue, expenses, and profit
income statement
Goods sold to another country
export
How sensitive demand is to price changes
elasticity
Opinions and descriptions
qualitative data
A business owned by one person using another company’s brand
franchise
Tracks money coming in and going out
cash flow statement
Changes in the value of money between countries
currency fluctuation
The lowest point of the business cycle
trough
A small group representing a larger population
sample
A company’s responsibility to act ethically and support society
CSR
Compares planned spending vs actual spending
budget report
An economy controlled by the government
command economy
A period of economic decline
recession
Unfair influence that skews results
bias
The ability to produce goods more efficiently than another country
comparative advantage
Shows assets, liabilities, and equity at a specific time
balance sheet
The total value of goods/services produced in a country
GDP
The highest point of economic growth
peak
The percentage of people who take a desired action
conversion rate