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table:A simplified way of showing numbers.tariff:A tax on imports.technology:The body of knowledge that is used for the production of goods and services.theory:A simplified description of reality.tight monetary policy:A policy of the Federal Reserve that causes the money supply to decrease.total product:All the units of a product produced in a given period of time, such as one year.total revenue:The amount of money a company receives from sale of a product.trade barriers:Methods of restricting trade between countries.trade deficit:The result when a country imports more than it exports.trade-offs:Decisions among alternatives in allocating economic resources.trade surplus:The result when a country exports more than it imports.traditional economy:An economy in which the three economic questions are decided mainly by social customs.transaction demand for money:The demand for money to make exchanges.transfer payments:Public expenditures made for reasons other than paying for goods and services.U
unemployment:The condition of those who are willing and able to work and are actively seeking work, yet who are
not currently working.unemployment rate:The percentage of the civilian labor force that is considered unemployed.union shop:A business that requires workers to join a union shortly after taking the job.unlimited liability:The concept that an owner’s personal assets can be used to pay bills of the proprietorship or
partnership.unlimited wants and needs:The human characteristic of never feeling that all wants and needs have been satisfied.util:The unit of measure for utility.utility:The satisfaction one receives from the consumption, use, or ownership of a good or service.V
vertical merger:A merger of two companies that are at different stages in the same production process.CliffsAP Economics Micro & Macro23 53999X Gloss.qxd 1/23/04 10:31 AM Page 258