Definition
Ability
What is mastery of a skill or the capacity to do something?
Necessities a person must have to survive
what is needs?
a method of weighing the costs against the benefits of an action, a purchase, or a financial decision
What is cost-benefit analysis?
a period of slow or no economic growth
What is recession?
the income received from employment, including self-employment
What is the earned income ?
Goal
What is objective to be attained in a specific amount of time?
Supply of something that can be used when needed
What is resource?
Creating this goals is necessary so you can manage the money you earn
What is financial goals?
a period of rising prices
what is inflation?
payment for work that is usually calculated on an hourly, daily, or piecework basis
What is wage?
Job
What is work a person does regularly in order to earn money?
Principles and beliefs that a person considers important
What is values?
The change in total benefit of using one additional unit is...
What is the marginal benefit?
the amount that is paid for using money
What is interest?
the amount paid for working time in a week that is beyond the standard 40-hour workweek
What is overtime wage?
Profit
What is difference between the income earned and expenses incurred by a business during a specific period of time?
Set a financial goals and developing plans to meet them while meeting financial needs
What is personal financial planning?
The change in total cost of using one more unit is...
What is the marginal cost?
the beliefs, behaviors, and other characteristics common among members of a group or society
What is culture?
a wage based on a rate per unit of work completed
What is piecework?
Commission
What is income paid as a percentage of sales made by a salesperson?
Resources can be managed to meet specific goals because...
Resources are manageable
This law states that the marginal benefit of using each additional unit of something tends to decrease as the quantity used increases
What is the economic law of diminishing marginal utility?
the application of science and research to human life and environments
What is Technology?
a fixed payment for work and is expressed as an annual figure. It is paid in periodic equal payments
What is salary?