Economics: Principles & Practices
Definition: Worth of a good or service as determined by the market
Federal Reserve Bank of St. Louis
Definition: The amount of satisfaction or happiness that a good or service gives an individual.
Bureau of Economic Analysis (BEA)
Definition: The gross output of an industry or a sector less its intermediate inputs; the contribution of an industry or sector to gross domestic product (GDP). Value added by industry can also be measured as the sum of compensation of employees, taxes on production and imports less subsidies, and gross operating surplus.
Economics: Principles & Practices
Definition: Difference between the final price of a good or service and the cost of its production
Economics: Principles & Practices
Definition: Production cost that varies as output changes; examples include labor, energy, raw materials
Federal Reserve Bank of St. Louis
Definition: Cost that change as the quantity of goods and services that a business produces changes.
Federal Reserve Bank of Cleveland
Definition: A variable rate agreement, as distinguished from a fixed rate agreement, calls for an interest rate that may fluctuate over the life of the loan. The rate is often tied to an index that reflects changes in market rates of interest. A fluctuation in the rate causes changes in either the payments or the length of the loan term. Limits are often placed on the degree to which the interest rate or the payments can vary.
Federal Reserve Bank of Minneapolis
Definition: A variable-rate agreement, as distinguished from a fixed-rate agreement, calls for an interest rate that may fluctuate over the life of the loan. The rate is often tied to an index that reflects changes in market rates of interest. A fluctuation in the rate causes changes in either the payments or the length of the loan term. Limits are often placed on the degree to which the interest rate or the payments can vary.
Federal Reserve Bank of San Francisco
Definition: A variable rate agreement, as distinguished from a fixed rate agreement, calls for an interest rate that may fluctuate over the life of the loan. The rate is often tied to an index that reflects changes in market rates of interest. A fluctuation in the rate causes changes in either the payments or the length of the loan term. Limits are often placed on the degree to which the interest rate or the payments can vary.
Federal Reserve Bank of Cleveland
Definition: Cash kept on hand in a depository institution’s vault to meet day-to-day business needs, such as cashing checks for customers; can be counted as a portion of the institution’s required reserves.
Federal Reserve Bank of Minneapolis
Definition: The rate at which money balances turn over in a period for expenditures on goods and services (often measured as the ratio of GNP—gross national product—to the money stock). A larger velocity means that a given quantity of money is associated with a greater dollar volume of transactions.
Federal Reserve Bank of San Francisco
Definition: The rate at which money balances turn over in a period for expenditures on goods and services (often measured as the ratio of GNP–gross national product– to the money stock). A larger velocity means that a given quantity of money is associated with a greater dollar volume of transactions.
Internal Revenue Service (IRS)
Definition: The concept that people in different income groups should pay different rates of taxes or different percentages of their incomes as taxes. “Unequals should be taxed unequally.”
Venture capital
Economics: Principles & Practices
Definition: Funds used to secure or invest in new ventures like startups or recently formed companies
Venture capitalist
Economics: Principles & Practices
Definition: Lender of investment funds to a startup business in exchange for partial ownership of the business
Economics: Principles & Practices
Definition: Combination of firms involved in different steps of manufacturing or marketing
Vesting
Economics: Principles & Practices
Definition: The length of time needed to work at a company before you can take the employer’s matching contribution with you
Definition: Vocational school enrollment includes enrollment in business, vocational, technical, secretarial, trade, or correspondence courses which are not counted as regular school enrollment and are not for recreation or adult education classes. Courses counted as college enrollment should not also be included as vocational.
Volatile
Federal Reserve Bank of St. Louis
Definition: Likely to change in a sudden or extreme way
Volatility
Economics: Principles & Practices
Definition: Measure of risk in financial markets due to fluctuation of an asset’s price
Economics: Principles & Practices
Definition: Agreement by labor and management to place a dispute before a third party for a binding settlement
Internal Revenue Service (IRS)
Definition: A system of compliance that relies on individual citizens to report their income freely and voluntarily, calculate their tax liability correctly, and file a tax return on time.
Economics: Principles & Practices
Definition: Act of buyers and sellers freely and willingly engaging in market transactions; characteristic of capitalism and free enterprise
Voluntary export restraint (VER)
Economics: Principles & Practices
Definition: A government-imposed trade restriction where an exporting country agrees to limit its export of goods to another country or region
Voluntary unemployment
Economics: Principles & Practices
Definition: Condition referring to workers who choose not to work even though they have the time, opportunity and ability to take a job
Definition: Data on time of day and method of voting was obtained in various November Current Population Surveys from replies to a direct question: “At what time of day did… vote?” The answer was recorded in one of the following categories: Before noon; Noon to 4 p.m.; 4 p.m. to 6 p.m.; After 6 p.m.; Voted absentee; Don’t know.
Definition: Voter participation data are derived from replies to the following question asked of people (excluding noncitizens) of voting age: “In any election some people are not able to vote because they are sick or busy, or have some other reason, and others do not want to vote. Did (this person) vote in the election held on November (date varies)?” Those of voting age were classified as “voted” or “did not vote.” In most tables, this “did not vote” class includes those reported as “did not vote,” “do not know,” noncitizens, and nonrespondents. Nonrespondents and people who reported that they did not know if they voted were included in the “did not vote” class because of the general over-reporting by respondents in the sample.
Definition: The data on registration were obtained by tabulating replies to the following question for those people included in the category “did not vote.” “Was (this person) registered to vote in the November (date varies) election?” All people reported as having voted were assumed to have been registered. Therefore, the total registered population is obtained by combining the number of people who voted and people included in the category “did not vote,” but who had registered.
Definition: The population of voting age includes a considerable number of people who meet the age requirement but cannot register and vote. People who are not citizens are not eligible to vote. Among citizens of voting age, some people are not permitted to vote because they have been committed to penal institutions, mental hospitals, or other institutions, or because they fail to meet state and local resident requirements for various reasons. The eligibility to register is governed by state laws which differ in many respects. Registration is the act of qualifying to vote by formally enrolling on a list of voters. People who have moved to another election district must take steps to have their names placed on the voting rolls in their new place of residence. In a few states or parts of states, no formal registration is required. Voters merely present themselves at the polling place on election day with proof that they are of age and have met the appropriate residence requirements. Therefore, in these areas people who are citizens and of voting age, and who meet the residence requirement, would be considered as being registered.
Vouchers
Economics: Principles & Practices
Definition: Certificates that could be used to purchase government-owned property during period of privatization in Russia