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26 Cards in this Set
- Front
- Back
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Earning
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Gaining money by working, owning a business, or receiving investment returns
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earnings
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Money gained from earning
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productivity
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The amount of goods/services an employee produces
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advance
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To get a promotion and/or raise in salary
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workplace trend
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A direction in which the workplace is moving
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workplace opportunity
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A chance to get a job, advance in a career, or start or expand a business
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standard of living
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The style of living that a person can afford, according to his/her income
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market economy
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A free enterprise system in which consumers respond to the economy as they wish --- in their earning, spending, saving, and borrowing
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gross domestic product
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The total output of goods and services in a nation
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responsible
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Showing a responsible approach to choices, considering obligations to others
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Spending
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Using money to purchase goods and services
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prosperity
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A period in which individuals/businesses are financially successful and thriving
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recession
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An economic period of six months or more when growth is slowed down
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supply
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The amount of goods/services available at any point in time
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demand
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The amount of goods/services consumer want to buy at any point intime
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Law of Scarcity
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Individuals, families, businesses and nations have limited resources with which to meet the unlimited needs and wants of consumers/citizens
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trade-off
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The choice of one item while giving up another
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opportunity cost
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The highest-valued alternative that must be given up when a choice is made
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Saving
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Putting aside money for later use
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durable goods
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Items with lasting value, the purchase of which is considered a form of savings
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savings rate
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The amount of money people save in an economy
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financial security
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Having enough money saved to be able to withstand crises and emergencies
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Borrowing
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Obtaining money, goods, or services in exchange for promise of future payment
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credit
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Borrowing; buying now, paying later
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interest rate
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Percentage of amount borrowed to be added to the amount loaned and paid back
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inflation
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A period in which demand for goods/services is high and prices continue to rise
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