Economics flashcards, diagrams and study guides
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This is a contract to repay borrowed money, often issued by a company. This issues financial security for a debt.
This is a method of calculating interest in which the interest is added to the principal each period so that the principal continues to grow throughout the life of the loan or investment. The formula is A = C * (1 + r/100)n where A is the future value, C is the principal, r is the interest rate per period, and n is the number of periods.
The annual interest rate paid by a bond. It does not reflect the interest rate paid over the life of the bond.
High interest rate and long period of time
how often your interest is calculated and added back into your account. The more frequently this happens, the more interest you will earn.
an estimate used to find out how long it will take your money to double. All you need to know is your interest rate!
A market structure in which a very large number of firms sells a standardized product, into which entry is very easy, in which the individual seller has no control over the product price, and in which there is no nonprice competition; a market characterized by a very large number of buyers and sellers.
A market structure in which one firm sells a unique product, into which entry is blocked, in which the single firm has considerable control over product price, and in which nonprice competition may or may not be found.
A market structure in which many firms sell a differentiated product, into which entry is relatively easy, in which the firm has some control over its product price, and in which there is considerable nonprice competition.
values goods and services at their market prices, multiplies them by the quantity produced, and then adds them up.
the value of the services of the real estate agent.
b. Sales Revenue minus fixed expenses
c. Contribution margin divided by sales revenue
b. (Fixed expenses + Operating Income ) / Contribution Margin per Unit
the amount a supplier is willing and able to supply at a certain price
the amount of a good or service that a consumer is willing and able to purchase at a given price
the amount or quantity of goods and services that consumers are willing and able to buy at various prices at a given time
There are fewer resources than are needed to fill human wants and needs.
An economic system in which people choose freely what to buy and sell
An economic system in which the government makes all economic decisions.
the day-to-day financial activities of a company, as well as organizing this info into reports to evaluate the company's status
The professional organization of certified public accountants in the United States.
Document which reports at a certain point in time the resources of a company (the assets), the company's obligations (the liabilities), and the owners' equity, which represents how much money has been invested in the company by its owners.
What one receives or gives for borrowing or lending money.
The amount that is invested or deposited or lent
The rate refers to the percent (%) one pays for borrowing money or the percent (%) one receives for lending money
The sales level at which operating income is zero: Total Revenues= Total Expenses
Sales revenue minus variable expenses
The excess of the unit sales price over the variable cost per unit; also called unit contribution margin
the study of how and why people make, buy, and sell things
the surface of the Earth and the resources found in and on it
the ability of people to do work
Provide funding for a person or enterprise.
The principles and methods that individuals use to acquire and manage income and assets.
A set of goals for spending, saving, and investing the money you receive.
An absorption costing income statement calculates gross profit; a variable costing income statement calculates contribution margin.
First, calculate the cost per unit. Absorption costing for the cost of one unit = direct materials + direct labor + variable manufacturing overhead + fixed manufacturing overhead per unit = $10 + $15 + $3 + ($2,000 / 100 chairs) = $48 There are 20 units left in ending inventory (100 units produced - 80 units sold). In this case, 20 units * $48 cost per unit = $960 in Finished Goods Inventory.