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PFEW glossary of economic terms and phrases Flashcards | StudBud
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PFEW glossary of economic terms and phrases
What is Gross National Product?
What is a Balance Sheet?
PFEW glossary of economic terms and phrases
67 terms
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1
What is a Balance Sheet?
Financial position of a firm at a fixed point in time
An expenditure for plant or for equipment
2
What is Gross National Product?
Total market value of goods and services produced by the nations economy
The net profit of a nation
3
What is a customer?
One who buys or does business with a particular store or firm
A person assuming the risk of starting a business
4
What is a free trade?
Absence of regulations designed to curtail or prevent trades among nations
Net profit after tax divided by number of shares issued
5
What is Capital?
Wealth in form of cash, securities, property, and equipment.
Tax levied on taxable income
6
What is equity?
True value of a companys worth. Total assets minus total liabilities
Total costs of manufacturing
7
What is a free market?
Open market or exchange where buyers and sellers have no restrictions
Study of production, distribution, and consumption of goods
8
What is a Budget?
A plan for the use of money based on goals, expected income, expenditures
A share in the ownership of a corporation
9
What is marketing?
Using capital, labor, and equipment to produce items
Activities that involve moving producers to consumers
10
What is Gross Profit?
Difference between selling price and cost of the item sold
Profit after all costs of production and operation is paid
11
What is interest?
The amount free and clear after necessary deductions
Price paid for the use of money over a period of time
12
What is competition?
Difference between selling price and cost of the item sold
Continuing struggle among business firms to gain shares of a market
13
What is an entrepreneur?
A share in the ownership of a company
Person who assumes the responsibility of starting & operating a business
14
What is demand?
The total quantity of goods and services buyers are willing and able to buy
Something owed by one person to another
15
What is inflation?
Increase in prices or a decrease in value of money
Increase in value of money
16
What is income tax?
Total costs of manufacturing
Tax on the net income of individuals and businesses
17
What is cost of living?
Amount of money needed to buy goods and services to maintain a standard
Something owed by one person to another
18
What is liability?
Companys legal and financial debts or obligations
Items owned by the firm in cash
19
What is a market economy?
Fixed expenses associated with running a business
System where manpower, factories, and investments are organized
20
What is a consumer?
One who buys/uses goods and services
Association of persons who have come together to peform commercial action
21
What is Capitalism?
System in which means of production are privately owned, and controlled
Associations of persons who have capital
22
What is an overhead?
Fixed expenses of running a business that is not linked to products
Amount free and clear after necessary deductions
23
What is a marketplace?
The resources necessary to produce goods and services
The place where goods and services are bought and sold
24
What are economic indicators?
Wealth in the form of cash
Measurement of some economic activity
25
What is depreciation?
A decrease in the value over a period of time from age, wear, and use
A decline in price levels, increased purchasing power
26
What is mass production?
The large sale of goods on a market place
Manufacturing or processing of large numbers of identical items
27
What is a dividend?
$ paid out of earnings or proceeds that is divided among shareholders
Amount of money needed to buy goods and services
28
What are Capital Investments?
Net profit after tax
An expenditure for plants or equipment. Adds to value of the property
29
What is a manufacturer?
One who holds shares in the stock of an organization
Organization using capital, labor and equipment in the production of items
30
What is money?
The goods and possessions on hand
The medium of exchange that is widely circulated and mainly accepted
31
What is a free enterprise system?
Expenditure for plants or for equipment
System where production is privately owned, not managed by the government
32
What does Caveat Emptor mean?
Let the buyer beware
One who uses goods
33
What are liquid assets?
Wealth that can be readily converted to cash
Expenses from normal operations of business
34
What is a corporation?
legal entity that is separate and distinct from its owners
Direct association of owners with capital to perform commercial action
35
What is productivity?
Excess of income
Amount of production related to the effort required to produce it
36
What is a company?
People who have come together with capital to perform a commercial action
A legal entity created under law
37
What is inventory?
A list of goods, possessions, and property on hand
Total market value of all goods and services
38
What are factors of production?
Resources necessary to produce goods and services. Land, labor, capital.
Net profit after tax
39
What is the cost of goods sold?
Total cost of manufacturing a product: (50% in biz sim)
Total cost of manufacturing a product: (25% in biz sim)
40
What are goods?
Any manufactured items, merch, or commodities bought and sold
A share in the ownership of a corporation
41
What is an investment?
Taking money from a property or security
Putting money into property or securities to receive income or appreciation
42
What is a net?
Amount of free and clear after encessary deductions
Buyer beware
43
What is a product?
Cash leftover
Result or end product of production and manufacturing
44
What is opportunity cost?
Measuring the value of a specific item by other items that cost the same
Amount of money given for the purchase of goods
45
What is economics?
Study that deals with the production/distribution/consumption of goods
True value of a companies worth
46
What is labor?
Buying stocks
Work
47
What is a Business Cycle?
Continuing struggle among business firms
An expansion and contraction of the economy and business activities
48
What is production?
The act of manufacturing or creating something
Amount that expenses exceed income
49
What is loss?
Price paid for the use of money over a period
Expenses exceeds income
50
What is a monopoly?
An unrestricted market
One organization has exclusive control of the supply/trade in a service
51
What is recession?
Period of temporary economic decline, trade and activity are reduced
Cash position at any po8nti
52
What is profit?
When income exceeds expenses
When expenses exceed income
53
What is economic profit?
Profit left after all implicit and explicit costs of production & operation
Net profit after tax divided by shares issued
54
What is a private enterprise?
Means of production are owned and operated privately, not government owned
A companys legal financial debts
55
What is corporate income tax?
Profit left after all expenses payed
Tax levied on the taxable income of corporations
56
What is operating cost?
List of goods on hand
Expenses connected with normal operations of a business
57
What are Assets?
Total cost of manufacturing a product
Items owned by the firm, including cash, plant, equipment, inventory, etc
58
What does foot/footing mean?
The buyer should beware
Add up correctly
59
What is earnings per share?
Tax levied on the taxable income of corporations
Net profit after tax divided by number of shares issued
60
What is an industry?
Any group of companies engaged in the same type of operations
A group of persons with capital to perform commercial action
61
What is debt?
Something owed by one person/company/government to another
A decline in price level of goods and services
62
What is deflation?
Decrease in value of an item from age, wear, and use
A decline in price level of goods and services, increased purchasing power
63
What is liquidity?
Cash position at a point in time
Amount free and clear after necessary deductions
64
What is price?
Cash position in a point in time
The amount of money asked for or given for goods, services, and property
65
What is management?
Process of measuring the value of a specific value of items
Process of organizing and utilizing resources
66
What is Common Stock?
Net profit after tax
A share in the ownership of a corporation
67
What are consumer goods?
Products used to meet immediate consumer demands
A share in the ownership of a corporation
