| A | B |
|---|
| Appreciation | An increase in the value of an asset |
| Business Cycle | Movement, whether upward or downward, of economic activity that occurs including expansion, peak, contraction, and trough |
| Competition | A rivalry between two or more businesses trying to sell products to the same customer or market |
| Consumer Sovereignty | A characteristic of a market economy that gives consumers the power to decide what businesses produce |
| Cyclical Unemployment | Unemployment that is caused by a recession or downturn in business activity; caused by a decrease in total spending |
| Dividends | A distribution of the after-tax earnings that are distributed to company’s share holders |
| Embargo | A law that cuts off most or all trade with a specific country |
| Fiscal Policy | A method of taxing and spending used by the government in order to influence the economy |
| General Partner | A type of owner in a partnership who is responsible for the day-to-day operations and who has unlimited liability for any debts of the business |
| Human Capital | The knowledge and skills a person possesses |
| Inflation | An increase in the overall level of prices for goods |
| Labor Productivity | The amount of goods or services produced by a worker in an hour |
| Merger | When two or more companies combine to form a single, larger company |
| National Debt | The total amount of money owed by the federal government; calculated by subtracting the total federal deficits from the total surpluses |
| Oligopoly | A type of competitive market with only a small number of firms who control the industry |
| Product Market | The act of buying goods and services |
| Quota | A legal limit placed on the amount of a specific imported good |
| Revenue | The amount of money received from sales |
| Specialization | Method of production used when a country focuses on a producing a specific goods or services in order to have a greater product efficiency |
| Trade Surplus | When a nation exports more goods and services than it imports |
