| A | B |
|---|
| 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 income |
| market economy | a free enterprise system in which consumers resond to the economy as they wish |
| 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 smount of goods/services available at any point in time |
| demand | the amount of goods/services consumers 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 |
| savings | 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 continue to rise. |
