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1.01Personal Finance

Economic Activites

TermDefinition
Earning Gaining money by working, owning a business, or receiving investment returns
earnings Money gained from earning
productivity The amount of goods/services an employee produces
advance To get a promotion and/or raise in salary
workplace trend A direction in which the workplace is moving
workplace opportunity A chance to get a job, advance in a career, or start or expand a business
standard of living The style of living that a person can afford, according to his/her income
market economy A free enterprise system in which consumers respond to the economy as they wish --- in their earning, spending, saving, and borrowing
gross domestic product The total output of goods and services in a nation
responsible Showing a responsible approach to choices, considering obligations to others
Spending Using money to purchase goods and services
prosperity A period in which individuals/businesses are financially successful and thriving
recession An economic period of six months or more when growth is slowed down
supply The amount of goods/services available at any point in time
demand The amount of goods/services consumer want to buy at any point in time
Law of Scarcity Individuals, families, businesses and nations have limited resources with which to meet the unlimited needs and wants of consumers/citizens
trade-off The choice of one item while giving up another
opportunity cost The highest-valued alternative that must be given up when a choice is made
Saving Putting aside money for later use
durable goods Items with lasting value, the purchase of which is considered a form of savings
savings rate The amount of money people save in an economy
financial security Having enough money saved to be able to withstand crises and emergencies
Borrowing Obtaining money, goods, or services in exchange for promise of future payment
credit Borrowing; buying now, paying later
interest rate Percentage of amount borrowed to be added to the amount loaned and paid back
inflation A period in which demand for goods/services is high and prices to rise
Created by: Shatoria on 2013-05-21



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