Chapter 2 Flashcards
all of the activities related to making and distributing goods and services in a geographic area or country
economy
an economy based on the laws of supply and demand
market economy
the quantity of goods and services that producers are willing and able to provide
supply
the willingness and ability of consumers to buy goods and services
demand
the alternating periods of growth and decline in the economy
business cycle
the expense paid by students for the instruction at a school
tuition
money received from an outside source to help pay for education
financial aid
a loan on which the student pays no interest until he or she has graduated or is no longer in school
subsidized student loan
a loan that starts charging interest from the time the loan is made
unsubsidized student loan
money given to pay for educational expenses that does not have to be repaid
grant
a cash allowance awarded to a student to help pay for education
scholarship
a set of moral values that people consider acceptable; the study of what is right versus wrong
ethics
pay received for hours worked in addition to regular hours
overtime pay
