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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, interests 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 |
Average Income earned by people in a group |
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Dividends |
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 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 preformed 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 recieved for entrepreneurial skill and risk taking; calculated by subtracting all of a firms 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 savings |
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minimum wage |
government enforced minimum hourly wage that must be paid to an employee |
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Contract |
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 |
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 |
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 |
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sales tax |
tax in the form of a percent of the cost of a good service, paid to local and state governments when goods and services are purchased |
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property tax |
a tax on land and structure built on it, payments go to the state and local governments |
