Career Readiness: Vocabulary from Financial Literacy Notes

Vocabulary flashcards covering key terms from Career Readiness and economics topics in the notes.

Competencies

The knowledge and skills that influence one’s ability to perform work tasks and affect employability and earning potential.

Commitment

Motivation and enthusiasm that drive consistent effort in work and learning.

Competition

The pressure from globalization and automation on jobs and earnings.

Training

Structured programs or experiences that develop job-related skills.

Work ethic

A person’s attitude toward work, including reliability, discipline, and perseverance.

Abilities

Capacities or talents that enable performing tasks.

Attitude

A person’s outlook toward work and learning, affecting adaptability and performance.

Earning potential

The amount of income someone could potentially earn based on skills and market demand.

Employability

The likelihood of being hired and maintaining employment due to skills and behavior.

Income sources

The various ways people earn money, such as wages, entrepreneurship, investments, and government payments.

Job earnings

Money earned from employment.

Benefits

Additional compensation or perks from a job (e.g., health insurance, retirement plans).

Entrepreneurship

Starting and running one’s own business to earn income.

Saving and investment earnings

Income generated from saved money and investments.

Government payments

Financial support provided by government programs (benefits, subsidies, etc.).

Grants

Funds provided by government or organizations to support activities or education.

Inheritances

Assets or money received from relatives after death.

Income fluctuation

Variations in monthly income, including dips and spikes.

Hourly wage

Pay calculated per hour worked.

Salary

Fixed regular payment, often expressed as an annual amount.

Regular paycheck

Consistent income from employment.

Irregular paycheck

Income that varies from month to month.

Resumé

A summary of education, work experience, and skills used to apply for jobs.

Hard skills

Concrete, teachable abilities (technical skills and specialized knowledge).

Soft skills

Interpersonal and transferable skills (communication, teamwork, problem-solving).

Personal Brand

The image or reputation a person builds to market themselves to employers.

Mentor

An experienced adviser who guides career development.

Entrepreneur

A person who starts and runs a business, taking on financial risk.

Economic Interdependence

The mutual reliance of individuals, firms, and nations within an economy.

Macroeconomics

The study of the overall performance and behavior of an economy.

Microeconomics

The study of individual markets, supply and demand, and pricing.

Inflation

A general rise in price levels, reducing purchasing power.

Deflation

A general fall in price levels.

Gross Domestic Product (GDP)

The total value of all goods and services produced in a country.

Economic Indicators

Statistics used to gauge the health of an economy (e.g., unemployment rate, CPI).

Standard of Living

The level of wealth, comfort, and necessities available to a population.

Supply and Demand

The relationship between the availability of goods and the desire for them, determining prices.

Profit Motive

The drive to earn profits in business.

Business Cycle

The fluctuations in economic activity over time (expansion, peak, contraction, trough).

Twenty-first century skills

Modern competencies such as critical thinking, collaboration, digital literacy, and communication.

Government assistance programs

Programs that provide financial support and stability (unemployment benefits, food assistance, etc.).

Globalization

The growing interconnectedness of economies worldwide, affecting jobs and competition.

Automation

The use of machines and technology to perform tasks formerly done by humans.

Global economy

The worldwide system of production, trade, and finance.