ATeam - Economics Terms - 1A

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COST

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1. the price of a good or service; the money cost; 2. the value of goods and services that are given up in order to purchase or produce a particular good or service (opportunity cost); 3. the value of goods and services used to produce an output (cost of production)

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COST OF PRODUCTION

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all resources used in producing goods and services for which owners receive payment

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COST-PUSH

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a type of inflation caused by increases in the cost of producing a product such as increases in the cost of materials or labor or increases in interest rates

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COUNTY GOVERNMENT

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government of one of the large divisions of a state. Example: the government of Polk County

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CREDIT

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obtaining money, goods or services with a nominal initial payment (called the down payment) with the promise to pay in the future, usually with some additional amount of money (called interest or carrying charge) added to pay for the use of the money

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CREDIT CARD

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a card issued by a business, bank or financial institution that allows one to have credit with that business or, if it is a bank card, with many businesses

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CREDIT LIMIT

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the maximum amount that a borrower can borrow on a particular loan or credit card

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CREDIT PRICE

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the full price one pays for a good or service if one buys it on credit; equal to the cash price plus interest

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CREDIT RATING

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a measure of a borrower's credit worthiness based on the borrower's resources and character

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CREDIT REPORTING AGENCY

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a company that gathers information about the credit histories of consumers and provides this information to creditors