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Transcript
Key Terms: Economic Activities 1.01 Term Explanation 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/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 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 amount of goods/services available at any point in time demand The amount of goods/services consumer want to buy at any point intime 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 Saving 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
