Chapter 3 Vocab Flashcards
a mathematician who uses statistics to calculate insurance premiums
actuary
a society in which scarcity of resources is not the predominant condition, and a general level of economic well-being has been achieved by most members of society
affluent society
economy devoted to the production, processing, and distribution of food
agribusiness
the second largest stock exchange in the United States and is located in New York City
American Stock Exchange
a sum of money payed yearly or at regular intervals
annuity
a formal evaluation of property by an expert, used to establish its market value
appraisal
an expenditure voted by Congress for use by some agency of the federal government or by a state legislature of ruse by a state government
appropriation
a line of factory workers and equipment along which a product being assembled passes consecutively from operation to operation until completed
assembly line
the appraisal of property for the purposes of taxation
assessment
a possession that can be turned into cash to cover liabilities
asset
the examination by an outside party of the accounts of an individual or corporation
audit
the relationship between the payments made by one nation to all other nations and its receipts from all other nations
balance of payments
part of the balance of payments relating to goods only
balance of trade
legally declared insolvency, or inability to pay creditors
bankruptcy
the exchange of goods and services for other goods or services rather than for money
barter
