TERMS 101-150

Card Set Information

TERMS 101-150
2010-04-19 23:48:03

deca competencies
Show Answers:

  1. discount rate
    the interest rate charged by the Federal Reserve on its loans to banks and other financial instititutions
  2. discretionary income
    money left after buying necessities
  3. district bank
    one of the 12 banks that make up the Federal Reserve System
  4. dividends
    payments made from the earnings of a corporation to its stockholders
  5. division of labor
    breaking down a large task into a series of small ones so that each worker completes one or a few of the steps involved
  6. dumping
    selling the same goods for a lower price abroad than at home
  7. earnings
  8. economic growth
    increases in an economy's total output over a period of time
  9. economic indicator
    a statistical measurement of the state of the economy or some important part of the economy
  10. economic model
    any simplified statement, diagram or formula used to understand economic events
  11. economic rent
    the amount received by property owners over and above the lowest price they would have accepted
  12. economics
    the social science that describes and analyzes how society chooses from among scarce resources to satisfy its wants
  13. economic system
    the approach a country uses to deal with scarcity and achieve its economic goals
  14. economies of scale
    decrease in the unit cost of a product or service because of large-scale production
  15. economize
    the effort to get the most out of one's resources
  16. elastic currency
    supply of money expands and contracts with the needs of business
  17. elasticity of demand
    measure of buyers' eagerness to acquire a good or service
  18. elasticity of supply
    measure of how easily sellers can increase or decrease the quantity supplied
  19. eminent domain
    the right of government to take private property, at a fair price, for public purposes
  20. employee involvement (EI) programs
    allow workers to assume reponsibilities normally held by management
  21. Engel's Law
    as a family's income increases, the percentage spent for necessities decreases, while the percentage spent for luxuries increases
  22. entrepreneur
    a person who creates a business in the hope of earning a profit; also a person who organizes, manages and assumes the risks of a business enterprise
  23. entrepreneurship
    the managerial or organizational skills needed by most firms to produce goods and services at a profit
  24. equation of exchange
    tells us that total spending is equal to the total value of the goods and service produced by the economy MV=PQ
  25. equilibrium price
    the price of a good or service at which the quantity demanded matches the quantity supplied
  26. equilibrium quantity
    th number of products that would be sold at the equilibrium or market price
  27. excess quantity demanded
    the amount of a product that could be sold at a price lower than the market price
  28. excess quantity supplied
    the amount of a product available at a price higher than the market price
  29. excise tax
    a tax levied on the manufacture or sale of a specific item
  30. expaansion
    phase of the business cycle following recession when the economy beings to recover
  31. expenditure
    the money that we spend
  32. esport
    good or service sold to a buyer in another country
  33. export subsidy
    a payment by a country to exporters enabling them to sell their products abroad at a lower price than at home
  34. external funds
    funds, such as loans, that come from outside the firm
  35. externalities
    the effects of economic activities that fall outside the market system
  36. factors of production
    the productive resources of land, labor, capital and entrepreneurship
  37. Federal Advisory Council
    offers advice to the Federal Reserve System on the nation's financial problems
  38. Federal Reserve Bank
    one of 12 district banks of the Federal Reserve System
  39. Federal Reserve System
    nation's central bank
  40. Federal Trade Comission
    a government agency established to help prevent unfair business advertising and other trade practices
  41. Federal Trade Commission Act
    law passed by COngress in 1914 which set up the Federal Trade Commission
  42. finance charge
    the amount charged to use credit
  43. discal policy
    use of the federal government's power to tax and spend to regulate economic activity
  44. fixed costs
    costs that remain the same regardless of how much business a firm does; also called overhead
  45. flat tax
    a tax that would eliminate most deductions and apply the same tax rate to all incomes
  46. foreign exchange market
    place where foreign currencies are bought and sold
  47. fractional reserve banking
    system in which banks hold a percentage of their customers' deposits and lend the rest
  48. franchise
    a license to operate an individually owned business as if it were part of a large chain
  49. franchisee
    one who purchases a franchise
  50. free enterprise
    an economic system based on private ownership of property, competition, and the profit motive