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Applied Economics Term Notes
Term
Notes
Personal
financial
planning
Goals
Spending, saving, and investing your money so you can have the
kind of life you want as well as financial security.
Values
Beliefs and principles you consider important, correct, and
desirable.
What you give up when you make one choice instead of the other.
Opportunity
costs
Liquidity
Service
Good
Short-term, intermediate, long-term.
The ability to easily convert your financial resources into cash
without a loss of value.
A task that a person or a machine performs for you.
Supply
A physical object that is produced and can be weighed or
measured.
The study of the decisions that go into making, distributing, and
using goods and services.
Ways in which people make, distribute, and use their goods and
services.
The amount of goods and services available for sale.
Demand
The amount of goods and services people are willing to buy.
Federal
Reserve
System
Inflation
The central banking organization of the United States.
Consumer
A person who purchases and uses goods and services.
Interest
The price that is paid for the use of another’s money.
Time value of
money
Principal
The increase of an amount of money as a result of interest or
dividends earned.
The amount of money you deposit on which interest is paid.
Future value
The amount your original deposit will be worth in the future based
on earning a specific interest rate over a specific period of time.
A series of equal regular deposits.
Economics
Economy
Annuity
Present value
Job
Career
The rise in the level of prices for goods and services.
The amount of money you would need to deposit now in order to
attain a desired amount in the future.
Just earning a wage.
A commitment to work in a field that you find interesting and
fulfilling.
Standard of
living
Trends
A measure of quality of life based on the amounts and kinds of
goods and services a person can buy.
Developments that mark changes in a particular area.
Potential
earning power
Aptitudes
The amount of money you may earn over time.
Interest
inventories
Demographic
trends
Service
industries
Internship
Tests that help you indentify the activities you enjoy the most.
Cooperative
education
Networking
Informational
interview
Resume
Cafeteria style
employee
benefits
Pension plan
Mentor
The natural abilities that people possess.
The ways in which groups of people change over time.
Those that provide services for a fee--will offer some of the
greatest employment potential in coming years.
A position in which a person receives training by working with
people who are experienced in a particular field.
Programs that allow students to enhance classroom learning with
part-time work related to their majors and interests.
A way of making and using contacts to get job information and
advice.
Meeting with someone who works in your area of interest who can
provide you with practical information about the career or
company you’re considering.
Usually a one to two page summary of your education, training,
experience, and qualifications.
Programs that allow workers to choose the benefits that best meet
their personal needs.
A retirement plan that is funded at least in part by an employer.
An experienced employee who serves as a teacher and counselor
for a less experienced person.