Shared Flashcard Set

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Vocab
Vocabulary
12
Business
12th Grade
08/29/2013

Additional Business Flashcards

 


 

Cards

Term
earning
Definition
gaining money by working
Term
inflation
Definition
prices rise
Term
Spending
Definition
using money to purchase goods and services
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
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