Unit 1

Question 1

Career

Answer 1

An occupation undertaken for a significant period of a person’s life and white opportunities for progress.

Question 2

Associates Degree

Answer 2

takes two years and a bachelor’s degree takes four

Question 3

Specialization

Answer 3

The process by which a worker becomes skilled at a more specific task

Question 4

Bachelors Degree

Answer 4

four year of college

Question 5

Career

Answer 5

A job that requires specialized training, education, and typically becomes one’s life’s work

Question 6

Short-term

Answer 6

accomplish next few months

Question 7

Long-term

Answer 7

owning your own business

Question 8

Work ethic

Answer 8

works when you really don’t want to

Question 10

wage

Answer 10

paid by the hour

Question 11

Salary

Answer 11

Paid by one sum and divided into equal payments

Question 12

Labor Force

Answer 12

is the number of workers over the age of 16 that is working or looking for work

Question 13

Networking

Answer 13

is the interacting with other people to exchange information, develop contact, and further ones career

Question 14

Frustrated workers

Answer 14

people who have stopped looking for employment

Question 15

Service industry

Answer 15

where American workers are employed

Question 16

Globalization

Answer 16

the increasing interconnectedness of the world’s economies and people has impacted our job market

Question 17

Nature of production

Answer 17

if the cost of production is lower in another country, industries will move their facilities there.

Question 18

Direct Deposit

Answer 18

A safe and secure electronic delivery system by which money is moved from bank to bank

Question 19

Premium

Answer 19

a payment attain insurance

Question 20

Freelanders

Answer 20

get paid by the job

Question 21

Paystub

Answer 21

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

Question 22

Wage

Answer 22

based how many hours a person works and their hourly wage or page scale

Question 23

Salary

Answer 23

A fixed regular payment based on an agreement between employees

Question 24

netpay

Answer 24

the amount you receive after all deductions from your total pay

Question 25

Gross Pay

Answer 25

Amount you earned before any deductions

Question 26

Tax

Answer 26

is improved on both employers to fund social security and medicare

Question 27

Income

Answer 27

the payment people receive for working and come in the form of wages

Question 28

Wage

Answer 28

most often based on how many hours a person works and their hourly wage or pay scale

Question 29

Pay period

Answer 29

the time period which an employee worked and is being paid for.

Question 30

Scarcity

Answer 30

fundamental problem of economics

Question 31

Needs

Answer 31

food and shelter

Question 32

wants

Answer 32

jewelry and new dining room set

Question 33

benefit

Answer 33

marginal benefit

Question 34

Cost-benefit analyses

Answer 34

people make decisions that they believe will maximize their happiness and satisfaction, called utility in economics

Question 35

Delayed Gratification

Answer 35

is the ability to resist the temptation for an immediate reward in exchange for a later benefit