Vocabulary

Question 1

Good

Answer 1

Products that are manufactured and that consumers can buy and own.

Question 2

Service

Answer 2

Work that does not produce an actual product, but which consumers can buy.

Question 3

GDP

Answer 3

Gross Domestic Product; The value of all goods and services produced in a country each year.

Question 4

Consumer

Answer 4

A person who buys or uses products and services.

Question 5

Brands

Answer 5

A name given by the maker to a product or a range of products.

Question 6

Bankruptcy

Answer 6

A legal declaration that a person or business cannot pay his or her or its debts.

Question 7

Stock Exchange

Answer 7

A market where stocks are bought
and sold.

Question 8

Insurance

Answer 8

the act, system, or business of insuring property, life, one’s person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a payment proportionate to the risk involved.

Question 9

Social Security

Answer 9

A system of government insurance
that provides benefits for retired people, people with disabilities, unemployed people, and people with job-related injuries or illnesses.

Question 10

Medicare

Answer 10

A federal program of health insurance for people age 65 and older.

Question 11

Medicaid

Answer 11

A federal program that helps the states pay the medical costs of low income people.

Question 12

Mass Production

Answer 12

The rapid production by machine
of large numbers of identical objects.

Question 13

Consumer Choice

Answer 13

The decisions consumers make when selecting products or services, driven by their preferences, budget, and available options.

Question 14

Federal Reserve

Answer 14

The central bank of the United States.

Question 15

Market Economy

Answer 15

An economic system in which individuals are free to compete, to earn a living, to earn a profit, and to own property.

Question 16

Free Market

Answer 16

An economic system in which buyers and sellers are free to exchange goods and services as they choose.

Question 17

Free Enterprise

Answer 17

Principle that business owners in a
free market are allowed to run their businesses in any way they see fit, with little government interference.

Question 18

Capitalism

Answer 18

An economic system based on private ownership of the means of production.

Question 19

Coroporation

Answer 19

A business organization chartered by a state government and given power to conduct business, sell stock, and receive protection of
state laws.

Question 20

Stock

Answer 20

A share of ownership in a corporation.

Question 21

Dividends

Answer 21

Profits paid to corporate stockholders.

Question 22

Non-profit Organization

Answer 22

Business organizations that provide goods and services without seeking to earn a profit.

Question 23

Natural Resources

Answer 23

Any natural materials that are used by humans, such as water, petroleum, minerals, forests, and animals.

Question 24

Capital

Answer 24

Money invested in business; also, property and equipment used to produce goods or services.

Question 25

Labor

Answer 25

Human effort used to make goods and service.

Question 26

Budget

Answer 26

A plan of income and spending.

Question 27

Family Law

Answer 27

The legal regulation of marriage, divorce, and the duties of parents and children.

Question 28

Fixed Expenses

Answer 28

Expenses that occur regularly.

Question 29

Extracurricular Activities

Answer 29

Activities that students participate in outside of the classroom.

Question 30

Critical Thinking

Answer 30

A type of thinking one does to reach decisions and solve problems.

Question 31

Community

Answer 31

A group of people who have common interests and live in the same area.

Question 32

Probable Cause

Answer 32

The reason for an arrest, based on the knowledge of a crime and the available evidence.

Question 33

Plea Bargain

Answer 33

An agreement between the prosecutor and the defense in which an accused person pleads guilty to a reduced charge.

Question 34

Juvenile

Answer 34

In most states, a person under the age of 18.

Question 35

Probation

Answer 35

A period of time during which a person guilty of an offense does not go to prison but instead must follow certain rules and report to a probation officer.

Question 36

Personal Values

Answer 36

Things that people believe are most important in their lives.

Question 37

White Collar Workers

Answer 37

People in a profession or who perform technical, managerial, sales, or administrative support work.

Question 38

Professionals

Answer 38

People whose jobs require many years of education and training and who perform mostly mental, rather than physical, work.

Question 39

Technoticians

Question 40

Apprenticeship

Answer 40

A fixed period of on-the-job training.

Question 41

Blue Collar Workers

Answer 41

People who perform jobs requiring manual labor.

Question 42

Agribusiness

Answer 42

Large farms that are owned by corporations and that rely heavily on mechanized equipment.

Question 43

Equal Opportunity Employers

Answer 43

An employer who does not discriminate against job applicants because of their sex, age, race, skin color, religion, or ethnic background.

Question 44

Interpersonal Skills

Answer 44

Skills involving an individual’s ability to interact with others.