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18 Cards in this Set
- Front
- Back
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iNCOME |
Payments earned by the household for selling or renting their productive services. may include salary wages interest and dividends |
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Median Income |
the middle of typical income earned by people in a particular group. the median income divides the range of income into two equal halves |
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mean income |
the average income earned by the people in a group |
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dividends |
a sum of money paid regularly by a company to its shareholders out of its profits |
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wages |
payments for labor services that are directly tied to time worked or unit of output produced |
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salaries |
regular payments ( usually monthly or biweekly) made to an employee for services rendered not explicitly tied to hours worked |
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tips |
small amount of additional money given to a person who has performed a service; often calculated as a percentage of the sale price |
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commission |
The fee paid to a sales agent, calculated as a percentage of the sale price of the good or service |
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profits |
Income received entrepreneurial skill risk taking; calculated by subtracting all of a firms cost from its revenue |
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fringe benefit |
benefits granted to employees in addition to salary which often include health insurance, life insurance etc |
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minimum wage |
a gov enforce minimum hourly wage that must be paid to an employee |
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contract |
a legal agreement between employer and employee defining wages, benefits working conditions for a period of time |
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cost-benefit analysis |
benefits of a business- related action are summed and then the cost associated with taking the action are subtracted |
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human capital |
the skills, knowledge and experience possed by and individual or population, viewed in terms of their value or cost |
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productivity |
the rate at which goods and services having exchange value are brought forth or produced |
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Personalincome tax
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paymentsmade by individuals to the federal gov (and some state gov) based on incomereceived
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Salestax
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taxin the form of a percent of the cost of a good or service; paid to local andstate gov when goods and services and purchased
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Propertytax
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atax on land and structures built on it payments go to state and local gov
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