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22 Cards in this Set
- Front
- Back
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collective bargaining |
the process in which union and and company representatives meet to negotiate a new labor contract |
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total revenue |
The total amount of money a firm receives by selling goods or services |
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normal good |
A good that consumers demand more of when their incomes increase |
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inferior good |
A good that consumers demands less of when there income increase |
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demand curve |
A graphic representation of a demand schedule |
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ceteris paribus |
A Latin phrase that means all other things held constant |
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commodity currency |
Object that has value in themselves as well as for use as money |
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default |
A failure to pay back a loan |
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FDIC |
The government agency that ensures customer deposits if a bank fails |
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federal reserve system |
The nation's central banking system |
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fiat money |
Money that has value because the government has ordered that it is an acceptable means to pay debt |
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interest |
The price paid for the use of borrowed money or money earned by deposited funds |
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Money market mutual fund |
A fund that pools money from small savers to purchase short-term government and corporate securities |
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Principal |
The amount of money borrowed |
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Substitution effect |
When consumers react to an increase in a good price by consuming less of that good and more of other goods |
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Law of demand |
Economic law that states that consumers buy more of a good one of the price decreases and less when is price increases |
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discount rate |
The rate the Federal Reserve charges for loans to commercial banks |
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fixed income |
income that does not increase even when prices go up |
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frictional unemployment |
Unemployment that occurs when people take time to find a job |
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corporation |
A legal entity owned by individual stockholders |
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cooperative |
A business organization owned and operated by a group of individuals for their mutual benefit |
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bond |
A formal contract to repay borrowed money with interest at fixed intervals |
