Economics & Personal Finance Midterm Review - Modules 2-6

Vocabulary flashcards reviewing essential workplace readiness skills, personal finance principles, economic concepts, and consumer rights covered in Modules 2 through 6.

Active Listening

The practice of paying full attention and providing constructive feedback during communication.

Effective Time Management

The organizational skill that begins primarily with setting priorities.

Integrity

Doing what is right even when no one is watching, which includes exhibiting honesty, reliability, and being truthful on loan applications.

Critical Thinking

Using logic and evidence to evaluate information, make informed workplace decisions, and analyze why mistakes occurred to prevent them next time.

Workplace Conflict Resolution

A dispute management process whose first step is identifying the problem and listening to all perspectives, relying on communication, taking breaks when emotions are high, and reaching compromise.

Non-Verbal Communication

The transmission of messages or signals without spoken words, such as making a gesture.

Safe Lifting Posture

A workplace safety guideline specifying that you should never let your shoulders go below your waist when lifting.

Economic Resources

The three major types of inputs used to produce goods and services: natural, labor, and capital.

Constructive Criticism

Helpful feedback provided to an individual that is important because it explains how to improve.

Profit Calculation

The financial gain determined by subtracting total cost from total revenue; for example, selling 12 dozen cartons at $\$1.12$ each yields $\$13.44$, minus a $\$9.00$ cost per case, equals a profit of $\$4.44$ per case.

Ecommerce

The buying and selling of goods and services over the Internet.

Americans with Disabilities Act of 1990

A federal law that protects the civil rights of people with disabilities, including conditions such as blindness.

Participation

A workplace team skill defined by attending and focusing in group meetings, passing along good ideas, and assisting supervisors, co-workers, and customers.

Work Ethic

A set of workplace values demonstrated by adhering to employer policies and procedures, being on time, maintaining good attendance, and completing assignments promptly.

Compensation

The amount of money an employee makes for performing a job.

Human Capital

The business skills, knowledge, and abilities that an individual worker brings to a job or business.

FBLA

Future Business Leaders of America; a student organization featuring competitive events where high school students compete against one another.

Professional Business Attire

Formal clothing, such as a business suit, considered appropriate for job interviews and FBLA events.

Joint Venture

A cooperative commercial agreement between two distinct entities, such as a concert co-sponsored by the Roanoke Civic Center and Star Country (94.9 FM).

Nonprofit Corporation

An organization, such as the Red Cross, structured so that all operating expenses are covered first and any remaining profits are reinvested directly into the organization to help others.

Distance Learning

Education or training delivered remotely to students online, by mail, or through television.

Exchange Rate

The value of one nation's currency compared to the currency of another nation.

Free Enterprise System

An economic structure in which privately owned businesses operate and compete for profits with limited government regulation or interference.

Scarcity

The fundamental economic dilemma that occurs because productive resources are limited while consumer wants are unlimited.

Government Deficit

The financial shortfall that results when a government spends more money than it receives in revenue.

Outsourcing

A business practice where a company relocates sections or operations of its business to external companies or subsidiaries.

Informed Consumer

A buyer who knows what resources are available and where to locate reliable information regarding goods, services, and legislation.

Nostalgia Advertising

A marketing strategy that appeals to and emphasizes childhood memories to promote and sell a product.

Infomercials

Television advertisements that run for the duration of a standard program.

Decision-Making Process

A systematic method involving defining the problem, exploring alternatives, selecting the best option, acting on that choice, and evaluating the decision.

Needs

Essential items that a person must have in order to survive, such as food.

Right to Safety

A basic consumer protection right ensuring defense against the distribution and sale of dangerous goods and services.

Evaluation

A continuous function of decision making that assesses previous choices to assist in making future decisions.

Flexibility

The personal adaptability that enables an individual to adjust effectively to new and unexpected situations.

Financial Well-Being

A state of economic stability whose foundational principle is consistently spending less money than you earn.

Specialty Shops

Retail stores that focus exclusively on selling specific lines of goods and services.

Superstores and Warehouse Clubs

Large-scale retail outlets that threaten local neighborhood stores by offering broader selections of merchandise at lower prices.

Consumer Rights

Legal and ethical marketplace protections that include the right to be heard, the right to be informed, the right to safety, and the right to choice.