| A | B |
|---|
| earn | gain money by working, owning a business or receiving investment returns |
| earnings | money gained from earning |
| productivity | 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 |
| spend | use money to purchase goods or 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 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 ulimited needs and wants of consmers/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 |
| save | put 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 |
| borrow | obtain money, good, 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 |
