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Chp. 4 Econ
PASS: Economic Institutions
| Term | Definition |
|---|---|
| corporation | a form of business ownership that allows a company by law to exist and conduct business affairs in its own name; supported with common and preferred stock |
| demand deposit | funds deposited in a bank that are available upon demand Example: checking account |
| discount rate | the interest rate charged by the Federal Reserve System for temporary loans to its member banks |
| Federal Reserve System (Fed) | a United States government agency whose basic role is to control the nation’s money supply |
| inflation | a sustained increase in the average level of prices of goods and services resulting in a loss of the purchasing power of money |
| legal tender | currency that may be lawfully offered in payment of debts |
| money supply | the amount of money in circulation |
| monopolistic competition | a system in which there are only a few sellers in the marketplace |
| monopoly | exclusive control of a commodity or service in a particular market |
| oligopoly | the market condition that exists when only a few sellers have the resources to produce a particular good, such as an automobile or aircraft |
| partnership | a business owned by two or more persons |
| prime interest rate | the interest rate charged by a bank to its best customers for a short-term loan |
| public utility | a company granted exclusive control of a good or service offered to the public Example: electric company |
| pure competition | a market in which many independent sellers offer the same goods and services |
| pure monopoly | a market in which there is only one seller of a product Example: public utilities |
| recession | a decrease in demand for goods and services and an increase in unemployment leading to a decline in the economy; a downturn in the economy, characterized by a decrease in business activity |
| sole proprietorship | a business owned by one person |
| time deposit | deposits with specific maturity periods; usually pay higher interest than demand deposits Example: certificates of deposit |
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