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econ 201 ch 13
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why does production require savings?
because both direct and roundabout production take time- time during which goods and services are not available from current production
positive rate of time preference
consumers value present consumption more than future consumption
consumer is willing to pay more now that wait
interest rate
interest per year as a percentage of the amount saved or borrowed
marginal rate of return on investment
the marginal revenue product of capital expressed as a percentage of its marginal cost
intellectual property
an intangible asset created by human knowledge and ideas
present value
the value today of income to be received in the future
discounting
converting future dollar amounts into present value
annuity
a given sum of money received each year for a specified number of years
Author
Anonymous
ID
88026
Card Set
econ 201 ch 13
Description
capital,interest, and corporate finance
Updated
5/27/2011, 4:41:37 PM
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