| A | B |
|---|
| Social Security | a federal program of disability and retirement benefits that covers most working people; retirees, survivors, disabled persons,and Medicare recipients (65 or older) |
| inventory | stock of finished goods and parts held in reserve |
| credit union | a financial organization that accepts DEPOSITS from and makes LOANS to employees of a particular company or gov’t agency |
| non-profit organization | an economic organization that operates like a business but does not seek financial gain (ie. American Red Cross) |
| corporation | form of business organization recognized by law as a separate legal entity with all rights and responsibilities of an individual |
| labor union | organization that works for its members interests concerning pay, work hours, and benefits |
| law of supply | principal that more will be offered for sale at high prices than at low |
| conglomerate | when corporations merge |
| sole proprietorship | business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm |
| principal | - amount borrowed |
| interest | price paid for use of another’s money |
| limited libility | the corp, NOT its owners, is responsible for its obligations (stockholders are responsible to the money they invested |
| preferred stock | -non-voting ; NO right to elect board of directors….BUT 1st to get dividends and 1st to get investment back if corporation goes out of business |
| dividend | a check that Transfers a portion of corporation profits to shareholders |
| partnership | business jointly owned by 2 or more people who share The profits and the responsibilities for the business |
| microeconomics | - the part of economics that studies SMALL UNITS, such as individuals and firms |
| demand curve | a graph showing the quantity demanded at each and every price that might prevail in the market |
