- 2.1: A(n) , or business owner, takes the risks of owning and operating a...
- 2.2: Money received from sources other than working in a job is called .
- 2.3: Money left over to spend or save after taxes are paid is called .
- 2.4: Most companies have , such as Christmas, Veterans Day, or Memorial ...
- 2.5: is time away from work for personal reasons.
- 2.6: The lowest pay rate allowed by law for each hour of work is called .
- 2.7: Money received from customers, called a(n) , is based on quality of...
- 2.8: are forms of pay other than salary or wages, such as paid vacations...
- 2.9: Days you are paid for even though you are not at work due to illnes...
- 2.10: Earnings that are paid only when efforts result in a sale are calle...
- 2.11: Earnings paid when an employee works more than 40 hours in a 1-week...
- 2.12: Money or benefits received from government without working for them...
- 2.13: A(n) is cash paid to stockholders of a corporation. 1
- 2.14: A benefits package, called a(n) , is where employees can pick and c...
- 2.15: are taxes charged on the purchase of specific goods, such as motor ...
- 2.16: A(n) is a required payment for the support of a government. 1
- 2.17: is the amount left after all costs are deducted from the income of ...
Solutions for Chapter 2: Income Sources
Full solutions for Personal Financial Literacy | 1st Edition
a person who is performing an act for another person, called the principal
a situation in which exports equal imports
the subfield of economics that integrates the insights of psychology
the proposition that if private parties can bargain without cost over the allocation of resources, they can solve the problem of externalities on their own
a market with many buyers and sellers trading identical products so that each buyer and seller is a price taker
a decrease in the value of a currency as measured by the amount of foreign currency it can buy
individuals who would like to work but have given up looking for a job
factors of production
the inputs used to produce goods and services
a person who receives the benefit of a good but avoids paying for it
the percentage change in the price index from the preceding period
the description of asset prices that rationally reflect all available information
internalizing the externality
altering incentives so that people take account of the external effects of their actions
spending on capital equipment, inventories, and structures, including household purchases of new housing
marginal rate of substitution
the rate at which a consumer is willing to trade one good for another
a good for which, other things being equal, an increase in
the stock of equipment and structures that are used to produce goods and services
the equation M × V = P × Y, which relates the quantity of money, the velocity of money, and the dollar value of the economy’s output of goods and services
the amount of a good that sellers are willing and able to sell
the fraction of deposits that banks hold as reserves
the political philosophy according to which the government should choose policies to maximize the total utility of everyone in society