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PF Economic Activities 1.01
Personal Finance Economic Activities Vocabulary 1.01
26
Business
10th Grade
08/28/2011

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Term
EARNING
Definition
Gaining money by working, owning a business, or receiving investment returns
Term
EARNINGS
Definition
Money gained from earning
Term
PRODUCTIVITY
Definition
The amount of goods/services an employee produces
Term
ADVANCE
Definition
To get a promotion and/or raise in salary
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, according to his/her income
Term
MARKET ECONOMY
Definition
A free enterprise system in which consumers respond to the economy as they wish -- in their earning, spending, saving, and borrowing
Term
GROSS DOMESTIC PRODUCT
Definition
The total output of goods and services in a nation
Term
RESPONSIBLE
Definition
Showing a responsible approach to choices, considering obligations to others
Term
SPENDING
Definition
Using money to purchase goods and services
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
SUPPLY
Definition
The amount of goods/services available at any point in time
Term
DEMAND
Definition
The amount of goods/services consumers want to buy at any point in time
Term
LAW OF SCARCITY
Definition
Individuals, families, businesses and nations have limited resources with which to meet the unlimited needs and wants of consumers/citizens
Term
TRADE-OFF
Definition
The choice of one item while giving up another
Term
OPPORTUNITY COST
Definition
The highest-valued alternative that must be given up when a choice is made
Term
SAVING
Definition
Putting aside money for later use
Term
DURABLE GOODS
Definition
Items with lasting value, the purchase of which is considered a form of savings
Term
SAVINGS RATE
Definition
The amount of money people save in an economy
Term
FINANCIAL SECURITY
Definition
Having enough money saved to be able to withstand crises and emergencies
Term
BORROWING
Definition
Obtaining money, goods, or services in exchange for promise of future payment
Term
CREDIT
Definition
Borrowing; buying now, paying later
Term
INTEREST RATE
Definition
Percentage of amount borrowed to be added to the amount loaned and paid back
Term
INFLATION
Definition
A period in which demand for goods/services is high and prices continue to rise
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