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18 Cards in this Set
- Front
- Back
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Income
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Payments earned by households for selling or renting their productive services. May include salary, wages, interests and dividends
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Median Income
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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
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The average income earned by people in a group
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Dividends
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A sum of money paid regularly by a company to its shareholders out of its profits
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Wages
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Payments for labor services that are directly tied to time worked or unit of output produced
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Salaries
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Regular payments (usually monthly or biweekly) made to an employee for services rendered; not explicitly tied to hours worked
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Tips
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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
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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
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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
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Benefits granted to employees, in additional to salary, which often include health insurance, life insurance, and retirement savings
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Minimum Wage
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-A government-enforced minimum hourly wage that must be paid to an employee
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Contract
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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
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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
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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
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The rate at which goods and services having exchange value are brought forth or produced
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Personal Income Tax
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Payments made by individuals to the federal government (and some state governments) based on income recieved
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Sales Tax
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Tax in the form of a person 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
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A tax on land and structure built on it. Payments go to state and local government.
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