Shared Flashcard Set

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Word Vocab Set 1
n/a
26
Business
12th Grade
08/28/2013

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Cards

Term
earning
Definition
gaining money by working
Term
inflation
Definition
prices rise
Term
Law of Scarcity
Definition
Choices because of unlimited needs and wants
Term
opportunity cost
Definition
The highest-valued alternative
Term
trade-off
Definition
The choice of one item while giving up another
Term
Responsible spending
Definition
researching and planning purchases in advance
Term
Saving
Definition
putting aside money for later use
Term
Responsible saving
Definition
forming the habit of saving regularly
Term
Borrowing
Definition
obtaining money, goods, or services at present in exchange for the promise of future payment
Term
Responsible borrowing
Definition
borrowing only what can be paid back when due
Term
productivity
Definition
The amount of goods/services an employee produces
Term
workplace trend
Definition
A direction in which the workplace is moving
Term
workplace opportunity
Definition
A chance to get a job, advance in a career, or start or expand a business
Term
standard of living
Definition
The style of living that a person can afford
Term
market economy
Definition
A free enterprise system
Term
gross domestic product
Definition
The total output of goods and services in a nation
Term
demand
Definition
The amount of goods/services consumer want to buy at any point in time
Term
supply
Definition
The amount of goods/services available at any point in time
Term
prosperity
Definition
A period in which individuals/businesses are financially successful and thriving
Term
recession
Definition
An economic period of six months or more when growth is slowed down
Term
durable goods
Definition
Items with lasting value
Term
savings rate
Definition
The amount of money people save
Term
financial security
Definition
Having enough money saved to be able to withstand crises and emergencies
Term
credit
Definition
Borrowing; buying now, paying later
Term
interest rate
Definition
Percentage of amount borrowed
Term
Responsible earning
Definition
involves realizing that career choices greatly affect lifetime earnings
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