Key Terms
Demand
The willingness and ability of consumers to buy goods and services
Scholarship
A cash allowance awarded to a student to help pay for education
tuition
the expense paid by students for the instruction at a school
Describe how the economy can affect prices and income.
Economy can affect prices and income through stuff such as economic growth and supply shock
Explain how the economy affects the amount of income you will make.
If the economy and your career field are growing, you likely will be able to earn a good income and are more likely to receive pay raises and bonuses.
Subsidized student loan
A loan on which the student pays no interest until he or she has graduated or is no longer enrolled in school
Market economy
An economy based on the laws of supply and demand
unsubsidized student loan
a loan that starts charging interest from the time the loan is made
Discuss the costs of and options for higher education and post-secondary training.
The costs of and options for higher education and post secondary training is fees, tuition, room and board
What are the ACT and SAT, and why are they important?
The ACT and SAT are standardized tests used to screen applicants for colleges and universities. Students generally need to achieve an acceptable minimum score to be accepted.
Economy
EconomyAll of the activities related to making and distributing goods and services in a geographic area or country
Ethics
A set of moral values that people consider acceptable
grant
money given to pay for educational expenses that does not have to be repaid
Explain how to pay for college and other education programs.
Ways you can pay for college and other educational programs is by scholarships, grants, and state aid
How is a loan different from a grant?
Loans must be repaid, whereas grants do not need to be repaid.
Financial Aid
Money received from an outside source to help pay for education
Business cycle
The alternating periods of growth and decline in the economy
Supply
The quantity of goods and services that producers are willing and able to provide
How are prices set and how can you prepare for these costs, including the costs of education?
Prices are set by both buyers and sellers based on the law of supply and demand. The costs of education depend on various factors such as whether the school is public or private.