Ch. 1 Choices That Affect Income Flashcards
Job skills
Specific things you can do that are needed to be successful
Job market
The variety of jobs and career choices available to you when you prepare to go to work (continues to change)
Job title
A name given to a particular job that contains a descriptive word or phrase
Job description
Gives job details
Lifelong learning
Updating you job skills by continuing to learn throughout your life
Values
Show the worth placed on ideas or actions, influence choices made
Goals
Plans based on values or desired outcomes
Formal education
Involves attending classes where students learn skills/concepts
Informal education
On-the-job training
Reading and practicing on your own
Economy
All the activities related to making and distributing goods and services
Economists
Person who studies the economy
Tries to predict what will happen in the future
Supply
Quantity of goods and services that producers are willing and able to provide
Demand
Willingness and ability of consumers to buy products and services when demand exceeds supply, prices may be high
When economy is growing…
People buy more goods and services
Jobs are being created
Finding and keeping a job is easier
When economy is slowing…
People buy fewer goods and services
Jobs are decreasing in number
Finding and keeping a job is harder
Hard skills
Ability to perform tasks and procedures
Soft skills
Nontechnical skills needed by most workers
Tuition
The charge for instruction at a school
Financial aid
Money received from an outside source to help pay for education
Loan
Money that you borrow that you must pay back
Grant
Money that you are given to pay for education that does not need to be payed back
Job scouts
Computer program look for jobs using options you select
Subsidized student loan
A loan on which interest is not charged until after you graduate
Unsubsidized loan
Interest is charged from the time the loan is made
Scholarship
Gift of money or other aid made to a student to help pay for education
Ethics
System of moral values that people consider acceptable
Require being fair and honest in your dealing with others
