1 / 3

Economic Vocabulary

1. Free trade -trade carried on without protective tariffs or quotas. 2. Profit -income received for business skills and risk-taking, calculated by subtracting all of a firm’s explicit (clearly stated) and implicit (implied) costs from its total revenue.

karl
Download Presentation

Economic Vocabulary

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. 1. Free trade-trade carried on without protective tariffs or quotas. 2. Profit-income received for business skills and risk-taking, calculated by subtracting all of a firm’s explicit (clearly stated) and implicit (implied) costs from its total revenue. 3. Revenue-income or return from an investment. 4. Entrepreneur-one who draws upon his or her skills and initiative to launch a new business venture with the aim of making a profit; often a risk-taker inclined to see opportunity when others do not. 5. Goods-movable personal property or merchandise. 6. Services-a system of providing people with a utility or action. 7. Sales tax-tax on the sale of a good or service. 8. Federal grants-grants (free money) given by the federal government for some purpose; to give or transfer money by the govt. thru a legal procedure for a purpose. Economic Vocabulary

  2. 9. Personal income tax-tax paid by individuals to the govt. for funding services such as national defense, human services, and the monitoring of trade. 10. Property tax-tax on land and structures built on it; payments go to the state or local govt. to pay for police, schools, and libraries. 11. Opportunity costs-the value of what you give up in order to get what you want; the second best alternative that must be given up when scarce resources are used for one purpose instead of another. 12. Wants-a wish or desire. 13. Needs-a necessity, not a luxury. 14. Income-money received in a given period as wages or rent. 15. Spending-to pay out money for goods, services, or activities.

  3. 16. Credit-time allowed for payment or an agreement to pay later. 17. Saving-reduction in expense or amassing sums of money. 18. Investing- putting money aside in order to receive a greater benefit in the future. 19. Coca-Cola-Pemberton sold Venable interest and Asa Candler bought and sold it to Woodruff. 20. Delta-Huff Daland Dusters was formed in Macon; 1928 Woolman & investors formed Delta, named for the MS Delta region; first flight from Dallas to Jackson, MS, in 1929. 21. Georgia Pacific-GA Hardwood Lumber was formed in Augusta in 1927; in 1956 it became GA Pacific making tissue paper, pulp, paper, packaging, Brawney, and Quilted Northern. 22. Home Depot-Bernie Marcus and Arthur Blank opened it in 1979; now they have over 2000 stores.

More Related