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13 Cards in this Set
- Front
- Back
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Creditor |
A person or company to whom money is owned |
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Debtor |
A person or institution that owes a sum of money |
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Diminishing returns |
The level of profits or benefits gained is less than the amount of money invested |
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Entrepreneur |
Organizes and operates a business by taking on a risk to do so |
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Equilibrium prices |
(market price) quantity of goods supplied=to quantity of goods demanded |
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Forms of identity theft |
Social security fraud, drivers license fraud, criminal identity |
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Identity theft |
Fraudulent use of a person's private identifying information for financial gain |
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Income tax |
A tax paid on the money that a person or business receives as income |
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Interest |
Charge for the privilege of borrowing money |
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Law of demand |
Microeconomic law; other factors being equal, as the price of a good/service increases demand increases |
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Law supply |
Increase in price results in an increase in quantity supplied |
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Sales tax |
Tax paid to gov for sales of certain goods |
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Taxes |
State revenue, taken from workers income and business profits or added to the cost of some goods services, and transactions |
