Show:
Terms I
Terms II
Terms III
Terms IV
Terms V
100
A decline of real GDP lasting at least two quarters (six months) or more.
What is a recession?
100
A risk-taker in search of profits.
Who is an entrepreneur?
100
The price paid to use another person's money.
What is interest?
100
An agreement by two parties to place a dispute before a third party for binding settement.
What is arbitration?
100
A person who borrows money.
Who is a debtor?
200
A general state or city tax levied on a product at the time of the sale.
What is a sales tax?
200
Persons or institutions to whom money is owned.
Who are creditors?
200
Stock representing basic ownership of a corporation
What is common stock?
200
Tools, equipment, and factories used in the production of goods and services.
What is a capital good?
200
The desire, ability, and willingness to buy a product.
What is demand?
300
An economy in which a central authority makes most economic decisions.
What is a command economy?
300
A merger when two or more firms that produce the same kind of product join forces.
What is a horizontal merger?
300
The study of human efforts to satisfy what appears to be unlimited and competing wants through the careful use of relatively scarce resources.
What is economics?
300
Civilian men and women from 16 or older either working or actively looking for a job?
What is the civilian labor force?
300
The gradual wear of capital goods during production.
What is depreciation?
400
A firm with four or more businesses making unrelated products, with no single business responsible for a majority of its sales.
What is a conglomerate?
400
State of the economy with large numbers of people out of work, acute shortages, and excess capacity in manufacturing.
What is a depression?
400
Negotiations between labor and management over pay, working conditions, and other benefits
What is collective bargaining?
400
Mass refusal to buy products from targeted employers or companies
What is a boycott?
400
A good that last longer than three years when used regularly.
What is a durable good?
500
An economic and political system in which factors of production are collectively owned and directed by the state.
What is communism?
500
A relatively high tax designed to raise revenues while reducing consumption of a socially undesirable product such as liquor or tobacco.
What is a sin tax?
500
Written goverment approval to establish a corporation
What is a charter?
500
An economic system in which private citizens own the factors of production?
What is capitalism?
500
A form of business organization recognized as a legal entity with the rights of an individual.
What is a corporation?