Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
1.01Personal Finance
Economic Activites
| Term | Definition |
|---|---|
| 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
Popular Finance sets