Shared Flashcard Set

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Personal Economics
vocab
12
Economics
7th Grade
01/05/2017

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Cards

Term
Budget
Definition
A plan showing how income is to be spent.
Term
Cost/Benefit
Definition
The bad and good points related to making a decision
Term
Wants
Definition
Things people like and desire to have
Term
Needs
Definition
Things you must have to live
Term
Income
Definition
money received, especially on a regular basis, for work
Term
Taxes
Definition
Required payments of money made to governments by people and businesses that are used to provide goods and services. (Like education)
Term
Insurance
Definition
something people buy to protect themselves from losing money in the event of an emergency.
Term
Student Loan
Definition
Money borrowed from a bank to pay for educational expense.
Term
Bachelor's Degree
Definition
A degree awarded after a study of a specific course, usually four years long.
Term
Master's Degree
Definition
A degree awarded after studying a specific profession. This comes after a 4 year degree
Term
Associate's Degree
Definition
A two year study of a specific profession. Usually from a community college
Term
Career
Definition
a job that has room for upward movement and lasts for a certain period of time
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