Econ Latest Update with Verified Solutions

Econ Latest Update with Verified Solutions Economics the branch of social science that deals with the production and distribution and consumption of goods and services and their management basic economic decisions how ppl in a society make the what, how and who decisions Entrepeneur a person who starts up & takes the risk of a business goods articles of commerce Opportunity costs the most desirable alternative given up as the result of a decision scarcity a small and inadequate amount Services actions or activities that one person performs for another Market the world of commercial activity where goods and services are bought and sold Capital resources The tools, equipment, and buildings that are used to produce goods and services income statement a financial statement that gives operating results for a specific period Financial markets financial institutions through which savers can directly provide funds to borrowers IPO Market primary market where companies sell stock to raise money Trade credit the practice of buying goods and services now and paying for them later Retained earnings profits that are reinvested Stock market an exchange where security trading is conducted by professional stockbrokers common stock the most basic form of ownership, including voting rights on major issues, in a company Dividends profits paid to investors bond a certificate of debt (usually interest-bearing or discounted) that is issued by a government or corporation in order to raise money Balance Sheet a financial statement that reports assets, liabilities, and owner's equity on a specific date Free Enterprise an economy that relies chiefly on market forces to allocate goods and resources and to determine prices