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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.