Essay about Final Study Guide Economic

Essay about Final Study Guide Economic Essay about Final Study Guide Economic Annie Nguyen Per.5 FINAL STUDY GUIDE Traditional economy: Economic system in which the allocation of scarce resources and other economic activities are based on ritual, habit, custom. Corporation: Form of business organization recognized by law as separate legal entity. General partnership: Form of partnership where all partners are equally responsible for management, debt. Economic goals: Freedom, efficiency, equity, security, employment, stability, grown, future goals. Substitutes: Competing products that can be used in place of one another. Demand schedule: A table that lists how much of a product consumer will buy at all possible prices. Markets: Meeting place or mechanism allowing buyers and sellers of an economic product to come together may be local, regional, national, or global. Capital market: Market in which financial capital is loaned and/or borrowed for more than 1 year. Primary market: Market in which only the original issuer can sell or repurchase a financial asset. Secondary market: Market in which financial assets can be sold to someone other than the original issuer. Trade-off: alternative that is available whenever a choice is to be made. Economic interdependence: Mutual dependency of one person’s, firm’s, or region’s economic activities on another’s. Proprietorships: business owned and run by a single person who has the rights to all profits and unlimited liability for all debts of the firm. Surplus: Situation where quantity supplied is greater than quantity demanded at a given price. Price ceiling: Highest legal price that can be charged for a product. Cooperative: Nonprofit association performing some kind of economic activity for the benefit of its members. Command economy: Economic system with a central authority that makes the major economic decisions. Market economy: Economic system in which supply, demand, and the price system help people make economic decisions and allocate resources. Mixed economy: Economic system that has some combination of traditional command, and market economics. Deficiency payments: Cash payment making up the difference between the market price and the target price. Total costs: The sum of fixed costs and variable costs. Fixed costs: Costs that remain the same regardless of level of production or services offered. Entrepreneur: Risk-taking individual in search of profits. E-commerce: Electronic business conducted over the Internet. Call option: Futures contract giving a buyer the right to cancel a contract to buy something. Put option: Futures contract giving a buyer the right to cancel a contract to sell something. Good: Tangible economic product that is useful, relatively scare, and transferable to others. Consumer good: Good intended for final use by consumers rather than businesses. Durable good: A good that lasts for at least 3 years when used regularly. Nondurable good: A good that wears out or lasts for fewer than 3 years when used regularly Capital good: Tools, equipment, and factories used in the production of goods and services. Voluntary exchange: Act of buyers and sellers freely and willingly engaging in market transactions. Price-fixing: Agreement, usually illegal, by firms to charge the same price for a product. Oligopoly: Market structure in which a few large sellers dominate the industry. Trust: Illegal combination of corporations or companies organized to hinder competition. Diminishing returns: Stage where output increases at a decreasing rate as more units of variable input are added. Change in supply: Situation where different amounts are offered for sale at all possible prices in the market; shift of the supply curve. Rationing: System of allocation goods and services without prices. Monopoly: Market structure with a single seller of a particular product. Limited partnership: Form of partnership where one or more partners are not active in the daily running of the business and have limited responsibility

3 Reasons to Always Keep One Foot in the Job MarketÂÂ

3 Reasons to Always Keep One Foot in the Job Market   You have a job and you’re mostly happy with it. But even if you’re mostly thrilled with it, it’s always a good idea to stay sharp and keep your options open–if only to negotiate better pay, bonuses, etc. Here are three things you can and should do to ensure you’re always a hot commodity and get recognized for your talents. Keep your contacts closeNearly 75% of all job-seekers get hired through networking. All the more reason to expand your network, make new connections, and keep your existing contacts sweet–even when you have a job. If you ever do need to shop around, you’ll have your network already in gear. It’ll seem much more genuine to ask for help if you’ve kept in touch all along.Keep your resume road-readyThere’s nothing worse than needing a new job in a hurry and having and out-of-date resume. Keep your resume current, as well, by doing a bit of monthly scheduled maintenance to include new training, skills , and expertise,0 or even new responsibilities. When or if you ever meet a head hunter, you’ll be ready to present your best self on paper without having to scramble.Stay in the loopStay current and regular. Generate an online presence on social media and networking sites like LinkedIn and then maintain that presence. Make a schedule for articles and blog posts and website updates, even tweets. The more you keep up your brand, the easier it will be to sell it (translation: yourself) if you ever have to.If you follow this roadmap, you’ll never find yourself in a desperate situation. You can do your job with the confidence that you can easily find another one, given all the great groundwork that you’ve been laying.