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18 Cards in this Set
- Front
- Back
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Income |
payments earned by households for selling or renting their productive services. May include salary, wages, interest and dividends. |
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Median Income |
the middle or typical income earned by people in particular group. There 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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Dividedens |
a sum of money paid regulatory 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 output produced |
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Slaries |
regular payments made to an employee for services rendered; not perplexity tied to hours worked |
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Tips |
small amount of additional money given to a person who had performed a services; often calculated as a percentage of a the sale price |
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Commisiion |
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 a king, calculated by subtracting all of a firms costs from its revenue |
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Fringe Benefits |
benefits grated to employees, in addiction to salary, often include heath insurance, life insurance, and retirements savings |
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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 defined 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 the 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 |
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Productivity |
the rate at which goods and services having exchange value are brought forth or produced. |
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Personal Income Tax |
payments made by individuals to the federal government (and some state governments) based on income received. |
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Sales Tax |
Tax in the form of a percent of the cost of a good or service; paid to local and state governments when goods and services are purchased. |
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Property Tax |
a tax on land and structures built on it. Payments go to state and local governments. |
