CLEP Macro Economics

O transaction account a bank account that permits

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o Transaction account: A bank account that permits direct payment to a third party, for example, with a check. o Trough: A phase in the business cycle in which growth is at its weakest point and unemployment is high. U o Underemployed workers: Individuals who seek full-time jobs to match their skill level but accept parttime jobs or jobs that do not fully utilize their expertise. o Unemployment rate: The portion of the labor force that seeks work but is without a job at a particular time. o Unlimited liability: All the debts of a business are the sole responsibility of the owners. Typically associated with sole proprietorships. o Utility: The satisfaction or pleasure expected to be obtained from a good or service. V o Value added: The value of a company's products minus the value of the goods and services bought from other companies to make those products.
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W o Welfare: A basic goal of market participants in which they engage in behaviors to maximize the general well- being of society.
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o Transaction account A bank account that permits direct...

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