Glossary of Key Terms asset. An item of value that a person owns, such as cash, stocks, bonds, real estate, and personal possessions. durable goods. Products.

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Glossary of Key Terms asset. An item of value that a person owns, such as cash, stocks, bonds, real estate, and personal possessions. durable goods. Products that have lasting value, such as furniture, appliances, and cars. GDP per capita. The market value of final goods and services produced per person. income tax. A tax on the earnings of individuals and corporations. Back

Glossary of Key Terms investment. An asset bought to increase wealth over time, but that carries the risk of loss. labor productivity. The value of the goods and services a worker creates in a given time. property tax. Tax paid on real estate owned by individuals and corporations. prosperity. A time period of growth and financial well-being. Back

Glossary of Key Terms sales tax. Tax added to the price of goods and services you buy. standard of living. The overall level of comfort of a person, household, or population as measured by the amount of goods and services consumed Back