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15 Cards in this Set
- Front
- Back
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Income |
Payments earn by households for selling or renting their productive service. may include salary, wages, interest and dividends. |
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Median income |
The middle or 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 people in a group |
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Dividwnds |
A sum of money paid regularly by a company to its shareholders out of its profits. |
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Wage |
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) mad 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 for entrepreneurial skill and risk taking; calculated by subtracting all of a firm's costs from its revenue. |
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Fringe benefit |
Benefits granted to employees, in addition to salary, which often include health insurance, life insurance, and retirement saving. |
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Minimum wage |
A government-enforced 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 and 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 costs associated with taking the action are subtracted. |
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Human capital |
The skills, Knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country. |
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Productivity |
The rate at which goods and services having exchange value are brought forth or produced. |
