1.01 Vocab Flashcards
(22 cards)
Earnings
Money gained from earning
Earning
Gaining money by working , own if a business or receiving investment returns
Productivity
The amount of goods or services an employee produces
Advance
To get a promotion or raise in salary
Workplace trend
Direction in which the workplace is moving
Workplace opportunity
A chance to get a job, start a career or expand a business.
Standard of living
The style of living that a person can afford
Market economy
Free enterprise system
Gross domestic product
The amount of good and services a nation produces
Spending
Using money on goods and services
Prosperity
A period in which individuals and businesses are thriving
Recession
When the economic growth slows down
Supply
The amount of goods and services available
Demand
The amount of goods and services a consumer wants to buy
Law of scarcity
Limited resources
Trade off
Giving up one item for another
Opportunity costs
Highest values alternative that must be given up when a choice is made
Durable goods
Items with lasting value , form of saving
Financial security
Having money to with stand crises or emergencies
Credit
Buying now, paying later
Interest rate
Percentage of about borrows to be added to the amount loaned and paid back
Inflation
A period in which prices for goods and services continue to rise
