| A | B |
|---|
| earning | gaining money by working |
| inflation | prices rise |
| Spending | using money to purchase goods and services |
| Law of Scarcity | Choices because of unlimited needs and wants |
| opportunity cost | The highest-valued alternative |
| trade-off | The choice of one item while giving up another |
| Responsible spending | researching and planning purchases in advance |
| Saving | putting aside money for later use |
| Responsible saving | forming the habit of saving regularly |
| Borrowing | obtaining money, goods, or services at present in exchange for the promise of future payment |
| Responsible borrowing | borrowing only what can be paid back when due |
| 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 |
| market economy | A free enterprise system |
| gross domestic product | The total output of goods and services in a nation |
| demand | The amount of goods/services consumer want to buy at any point in time |
| supply | The amount of goods/services available at any point in time |
| 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 |
| durable goods | Items with lasting value |
| savings rate | The amount of money people save |
| financial security | Having enough money saved to be able to withstand crises and emergencies |
| credit | Borrowing; buying now, paying later |
| interest rate | Percentage of amount borrowed |
| Responsible earning | involves realizing that career choices greatly affect lifetime earnings |
