Unit 1 Flashcards
Career
An occupation undertaken for a significant period of a person’s life and white opportunities for progress.
Associates Degree
takes two years and a bachelor’s degree takes four
Specialization
The process by which a worker becomes skilled at a more specific task
Bachelors Degree
four year of college
Career
A job that requires specialized training, education, and typically becomes one’s life’s work
Short-term
accomplish next few months
Long-term
owning your own business
Work ethic
works when you really don’t want to
wage
paid by the hour
Salary
Paid by one sum and divided into equal payments
Labor Force
is the number of workers over the age of 16 that is working or looking for work
Networking
is the interacting with other people to exchange information, develop contact, and further ones career
Frustrated workers
people who have stopped looking for employment
Service industry
where American workers are employed
Globalization
the increasing interconnectedness of the world’s economies and people has impacted our job market
Nature of production
if the cost of production is lower in another country, industries will move their facilities there.
Direct Deposit
A safe and secure electronic delivery system by which money is moved from bank to bank
Premium
a payment attain insurance
Freelanders
get paid by the job
Paystub
Attach to your paystub
explains how much you earned the time period you are being paid for, how much you paid in taxes and what deductions have been made
Wage
based how many hours a person works and their hourly wage or page scale
Salary
A fixed regular payment based on an agreement between employees
netpay
the amount you receive after all deductions from your total pay
Gross Pay
Amount you earned before any deductions
Tax
is improved on both employers to fund social security and medicare
Income
the payment people receive for working and come in the form of wages
Wage
most often based on how many hours a person works and their hourly wage or pay scale
Pay period
the time period which an employee worked and is being paid for.
Scarcity
fundamental problem of economics
Needs
food and shelter
wants
jewelry and new dining room set
benefit
marginal benefit
Cost-benefit analyses
people make decisions that they believe will maximize their happiness and satisfaction, called utility in economics
Delayed Gratification
is the ability to resist the temptation for an immediate reward in exchange for a later benefit
