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What is Efficiency?
The most effective use of resources
What is Equity?
Fairness, equality of opportunity, and lack of extreme disparities in wealth
What's a Master's Degree?
Two-year degree that shows mastery of a specialized field of study
What is a Minor?
Field that a student focuses on outside of their major
What is Gross Income?
Money you earn from a job before taxes
What is a Barter Economy?
Trading good and services for other goods and services
What is a Public Sector?
Government-owned entities providing services like education, healthcare, and infrastructure
Shows the highest level of specialization in a field
What are Trade Offs?
The act of giving up one item of value for another item of value
What is Net Income?
Income after taxes
What is Profit Motive?
What motivates a producer in a market of perfect competition
What is a Private Sector?
Encompasses privately owned businesses focused on profit generation
What's an Undergraduate's Degree?
Usually takes four years at a college or university and represents study in an academic field
How much it cost to produce another unit of output (goods or services)
What is Disposable Income?
Income after taxes
What is Supply?
How much of a good or service is available for consumers to buy
What is a Government Sector?
Aligns with the public sector, representing the part of the economy directly controlled by the government at all levels - local, state, and federal
What is a GED?
Earned by passing a test that shows that you have learned a high-school level of knowledge, need to show employer reason for hardship
What is Budget?
How you decide to spend money
What is Discretionary Income?
Income left after taxes and living expenses
What is Demand?
How much of a good or service consumers want and are able to buy
What is Voluntary Exchange?
Consumers and producers buy and sell goods and services at prices that both agree to
What is a Major?
Undergraduate field that a student specializes in
What is Immediate Gratification?
Immediate Reward
Taxable Income