output per worker per hour: terms in which productivi-
ty is usually measured.
overhead costs: money spent on the day-to-day cost of a
business.
over-the-counter market (OTC): brokerage firms
around the nation that buy and sell securities of smaller firms
not listed on the large exchanges. A virtual marketplace for
trading securities. Dealers conduct transactions via computer
or telephone, rather than through an auction at a central
location, like the New York Stock Exchange.
P partnership: unincorporated business owned by two or
more people who share profits and losses. Owners are
personally liable for the partnership's debt.
305
passbook and statement savings accounts: savings
accounts offering ease of withdrawal, safety of principal, and
low interest rates.
patent: a monopoly to use a new product or idea exclu-
sively for 17 years.
