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Related Flashcards
Related Topics
Cards In This Set
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Trade
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Exchanging money for a product
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Economies
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Production and consumption of goods and services of a community regarded as a whole
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Currency
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System of money - bills and coins, specific to a country
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Bartering
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Exchanging goods or services for other goods or services
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Negotiate
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To attempt to come to agreement on something through discussion or compromise
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Cowry shells
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The earliest form of currency. Formerly used in parts of Africa and Asia.
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Gross pay
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Total income before any deductions are taken away
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Net income
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What's left after your gross income is reduced by any deductions. "Take home" pay.
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Voluntary salary deduction
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Money you have given permission to be taken out of your paycheck.
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Involuntary salary deduction
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Money taken from gross pay you do not have control over.
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Salaried employee
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Employee paid a flat amount of money for 40 hours service/week
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Fixed income
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Income that does not vary from one time period to another.
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Fixed costs
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Expenditures that are constant from one time to another.
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Realized income
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What's left after deductions have been made from your gross income.
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Fixed expenses
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Expenditures that are unchanging and predictable
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