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AgriBusiness Terms Set #1

AllowanceA sum of money paid regularly to a person, often by a parent to a child; sometimes paid in compensation for services rendered.
Annual Percentage Rate (APR)The percentage of the principal of a loan to be paid as interest in one year.
AssetSomething of monetary value owned by an individual or an organization.
Balance SheetAn itemized statement listing the total assets and total liabilities of a given business to portray its net worth at a given moment in time.
Balanced BudgetA financial plan in which income is equal to expenses.
BankA financial institution that provides various products and services to its customers, including checking and savings accounts, loans and currency exchange.
BarterTrading a good or service directly for another good or service, without using money or credit.
BorrowTo receive and use something belonging to somebody else, with the intention of returning or repaying it--often with interest in the case of borrowed money.
BusinessAny activity or organization that produces or exchanges goods or services for a profit.
CapitalResources and goods made and used to produce other goods and services. Examples include buildings, machinery, tools and equipment.
CashMoney in the form of paper currency or coins
CheckA written order to a financial institution directing the financial institution to pay a stated amount of money, as instructed, from the customer's account.
ChoiceDecision made or course of action taken when faced with a set of alternatives.
CollateralSomething of value (often a house or a car) pledged by a borrower as security for a loan. If the borrower fails to make payments on the loan, the collateral may be sold; proceeds from the sale may then be used to pay down the unpaid debt.
CompetitionAttempts by two or more individuals or organizations to acquire the same goods, services, or productive and financial resources.
ConsumeTo buy and use a good or service.
CostsAn amount that must be paid or spent to buy or obtain something.
CreditThe opportunity to borrow money or to receive goods or services in return for a promise to pay later.
Credit HistoryA record of past borrowing and repayments.
DebtMoney owed to someone else. Also the state or condition of owing money.
DemandThe quantity of a good or service that buyers are willing and able to buy at all possible prices during a period of time.
DepositMoney put into a financial account. Also, to place money in a financial account.
DepreciationA reduction in the value of capital goods over time due to their use in production.
EconomicsThe study of how people, firms and societies choose to allocate scarce resources with alternative uses.
EntrepreneurOne who draws upon his or her skills and initiative to launch a new business venture with the aim of making a profit.
Equitythe value of mortgaged property after accounting for charges against it or money owed.
ExpensesPayments for goods and services.
Federal ReserveThe central bank of the United States. Its main function is controlling the money supply through monetary policy.
FraudWrongful or criminal deception intended to manipulate a person for the purpose of gain, usually financial.
GoalSomething a person or organization plans to achieve in the future; an aim or desired result.
Gross Domestic Product (GDP)The market value of all final goods and services produced in a country in a calendar year.
Gross IncomeA total amount of money earned (from salaries, wages, etc.) before taxes and other deductions are withheld.
ImportsGoods and services bought from sellers in another nation.
IncomePayments earned by households for selling or renting their productive resources.
Income TaxPayments made by individuals and corporations to the federal government (and to some state and local governments) based on income received (both earned and unearned).
InnovationA new idea or method.
Interest RateThe price paid for using someone else's money, expressed as a percentage of the amount borrowed.
Internal Revenue Service (IRS)The government agency that collects federal income taxes.
InventoryAn itemized list of goods held by a person or business.
LaborThe quantity and quality of human effort available to produce goods and services.
Law of DemandAs the price of a good or service rises (or falls), the quantity of that good or service that people are willing and able to buy during a certain period of time falls (or rises).
Law of SupplyAs the price of a good or service that producers are willing and able to offer for sale during a certain period of time period rises (or falls), the quantity of that good or service supplied rises (or falls).
Nonprofit OrganizationAn organization that is exempt from federal (and sometimes state) taxes; receives income from donors, subsidized beneficiaries and, indirectly, taxpayers; and therefore should provide its goods or services free or below cost.
PartnershipA business with two or more owners who share the firm's profits and losses.
Price CeilingA legally established maximum price that may be charged for a good or service.
Price FloorA legally established minimum price that may be charged for a good or service.
ProfitIncome received for entrepreneurial skills and risk taking, calculated by subtracting all of a firm's explicit and implicit costs from its total revenues.
ResumeA document describing a job-seeker to prospective employers.
Standard of LivingThe level of subsistence of a nation, social class or individual with reference to the adequacy of necessities and comforts of daily life.
SurplusThe situation that results when the quantity supplied of a product exceeds the quantity demanded.
TariffA tax on an imported good or service.
UnemploymentThe number of people without jobs who are actively seeking work.
WagePayments for labor services that are directly tied to time worked, or to the number of units of output produced.

Agriscience Teacher
Albertville High School
Albertville, AL

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