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27 Cards in this Set
- Front
- Back
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Private label products |
Lower price store brand products carried by some Supermarket chains and Club wholesale chains |
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service flow |
Amount of use a person gets from an item and I value a person places on this use |
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Closing costs |
Fees involved in arranging for a mortgage or in transferring ownership of property |
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Points |
Fees paid to A lender and computed as percentage of a loan |
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Liability insurance |
Insurance that pays for bodily injury and property damage |
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Time deposits |
Savings plans that require Savers to leave their funds on deposit for certain periods of time |
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Maturity |
A period of time at the end of which time deposits will pay a stated rate of interest |
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Capital loss |
Decrease in value of a set from the time it was bought to the time it was sold |
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Treasury bills |
Certificates issued by the US Treasury in exchange for a minimum amount of $1,000 and maturing in a few days up to 26 |
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Keogh Plan |
Retirement plans that allows self-employed individual to save a maximum of 15% of their income each year and deduct that amount from the yearly taxable income |
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Roth IRA |
Private retirement plan that taxes income before it is saved but which does not take interest on the income when funds are used upon retirement |
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Real income effect |
Economic rule stating that the individuals cannot keep buying the same quantity of a product if its price Rises while their income stays the same |
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demand curve |
download sloping line that shows in graph form the quantities demanded at each possible price |
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Elasticity |
Anomic concept dealing with consumers responsiveness to an increase or decrease in the price of a product |
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Supply curve |
Upward sloping line that shows in graph form the quantities supplied at each possible price |
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Black Market |
Underground or illegal Market in which goods are traded at prices above their legal maximum prices during which illegal goods are sold |
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What four factors influence the kind of clothing choices people make? |
Style durability cost of care and service flow |
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what is a normal relationship between how long an article of clothing will last and its price |
The Price depends on cost of care and durability (Depends how long it'll last you) |
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What are some advantages of owning a house? |
You get to custom your own house , income benefits and market value ect |
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What are some advantages of renting an apartment |
More movability , no house mortgage and you don't pay as much. |
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Why are deposits up to $100,000 in Banks and savings institutions often considered very safe |
They usually have a safe rate of interest and are insured if the institution fails , the deposit is paid in full amount. |
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What are five ways of investing for retirement |
Pension plans , individual retirement ( Ira) , Roth IRA, real estate and Keogh plan |
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What government agency regulates stock and bond markets? |
The Securities and Exchange Commission |
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What is the law of demand? |
It states that when the price goes up the quantity demanded goes down and when the price goes down demand goes up |
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What is the distinction between elastic and inelastic demand |
Good elastic demand are usually luxury items inelestics demand goods are Necessities or have few or no substitutes |
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what does the law of supply state? |
Law of supply States as price increases the supply decrease when price Falls quantity of supplies fails |
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what are the advantages and disadvantages of proprietorship? |
A propietario may get satisfaction from being the boss and creativity making the business to whatever he or she may want it to be. running a business may be demanding |
