Ateam - Economics Terms - 4

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INTERNATIONAL TRADE

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exchange of goods and services that takes place between nations

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INVENTORY

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a supply of a product or products that a business has “on hand”

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INVERSELY RELATED

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in a given situation two factors will respond in the opposite direction to one another; Example: When the price of coffee went up, the amount of coffee consumed went down.

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INVESTMENT

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the use of money to produce income or profit

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JOINT ACCOUNT

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a bank account shared by two or more people who are official signers on the account

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LABOR

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one factor of production; the human input into the production process; workers hired by a business whose efforts are directed toward production of goods and/or services in exchange for which they are paid a wage or salary; Both physical and mental effort are considered types of labor.

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LABOR FORCE

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the total of all people over 16, working or looking for work

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LABOR UNION

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an association of workers who are organized to bargain collectively with employers

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LAISSEZ FAIRE

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a policy that calls for government not intervening in business or economic activities; French term literally meaning “let do” or “allow to act”

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LAND

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one factor of production; the natural resources available for production; includes real estate (earth) and all natural resources such as mineral deposits, water and timber