Chapter 1 Flashcards
Demand
The willingness and ability of consumers to buy products and services, when demands exceed supply prices are high.
Supply
The quantity of goods and services that producers are willing and able to provide.
Hard skills
The ability to perform tasks and procedures.
Ex. Install plumbing, run medical equipment
Soft skills
Nontechnical skills needed by most workers.
Ex. Teamwork skills, communications, problem solving skills
Tuition
The change for instruction at a school. Included textbooks, fees, and other items.
Financial aid
Money received from an outside source to help pay for education and training.
Loan
Money that you borrow that must be paid back.
Subsidized loan
A loan on which interest is not charged until after you graduate.
Unsubsidized loan
Interest is charged form the time the loan is made.
Grant
Money that you are given today for you education that you do not have to pay back.
Scholarship
A gift of money or other aid made to a student to help pay for education.
Ethics
Are a system of moral values that people consider acceptable. They require you to be fair and honest in you dealings with others.
Job market
The variety of jobs and career choices available to you when you prepare to go to work
Job skills
Specific things you can do that are needed to be successful
Job title
A name given to a particular job that contains a descriptive word or phrase, indicates main job duties
Job description
Gives job details, tasks and duties, skills and education required, location and working conditions
Lifelong learning
Updating your job skills by continuing to learn throughout your life
Values
Show the worth placed on ideas or actions, or influence choices made
Goals
Are plans based on values of desired outcomes
Formal education
Involves attending classes where students learn skills and concepts, high school/college
Informal education
On the job training, practicing and reading on your owned or experience
Economy
All of the activities related to making and distributing goods and services
Economist
A person who studies the economy and tries to predict what will happen in the future
