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Economics

The economical words and terms to know

TermDefinition
Budget A careful plan for spending or saving within a certain period of time
Career Clusters Groupings of jobs and industries that are related by knowledge and skills
Consequence The result of decision or action
Credit The ability of a consumer to buy goods or services before paying for them, based on an agreement to pay later.
Commitment The act of pledging yourself to a course of action
Co-pay A fixed fee an insured person must pay for a doctor's visit, an outpatient service, or prescription
Credit Card A card that allows users to make purchases through a limited personal loan, with the expectation that the money will be repaid at a later date, often with interest
Credit Score A standardized measurement of the potential for a borrower to repay debt
Debit Card A card that pays for a purchase directly from a checking account
Decision Making The process of choosing among alternative coursesof action
Deductible Money paid out-of-pocket before insurance covers the remaining costs
Expenses The amount spent to make purchases and pay bilss
Goal Something that a person wants or works for
Gross Income Income before all taxes have been deducted
Net Income The amount an individual earns after subtracting taxes and other deduction from gross income
Created by: kbizze01
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