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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 |
The average income earned by people in a group |
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Dividends |
A 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 (usually monthly or biweekly) 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 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 additional to salary, which often include health insurance, life insurance, and retirement 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 defining wages, benefits and working conditions for a period of time |
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Const-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 |
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Personal Income Tax |
Payments made by individuals to the federal government (and some state governments) based on income recieved |
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Sales Tax |
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 |
A tax on land and structure built on it. Payments go to state and local government. |
