Family Resource Management and Decision Making

Vocabulary practice flashcards covering Chapters 6 through 10 on family resource management, consumer economics, societal and government benefits, planning methodologies, and communication theories.

Resource (Hamilton, 1992)

Anything that people use or might want to use to achieve an end.

Resource (Zimmerman, 1964)

Any item, concrete or symbolic, which can become the object of exchange among people.

Human Capital

Human resources rooted in people; composed of ability, behavior, effort, and time.

Living Wage

A wage rate that allows wage earners to provide for their families above the poverty line.

Nonrenewable Resources

Environmental resources provided by nature that are available only in limited quantities.

Social Resources

Resources found inside the family (such as caring, communication, and family traditions) or outside in work, community, religious institutions, and society.

Collective Socialization

A social process that can lower adolescent depression and improve relationships, but may also increase dropout rates, substance abuse, or self-serving group closure.

Resourcefulness

The ability to identify and use resources effectively to meet needs.

Orchestration Power

The power to make major decisions that determine the lifestyle of the family.

Implementation Power

The power that makes day-to-day decisions within a family.

Equity (Distributive Justice)

A distribution principle based on fairness where the distribution of resources is contingent upon contributions to the system.

Equality (Distributive Justice)

A principle based purely on equal distribution, which does not always address the specific needs of everyone.

Consumerism

The relationship between individuals and the economic system.

Employment Act

Legislation that cemented family economic participation under the government expectations of full employment, full production, and stable prices.

Economics

The study of how resources are expended to fulfill the needs and wants of individuals, families, and social groups.

Cost of Living Adjustments (COLA)

Periodic economic adjustments designed to counter the effects of inflation on purchasing power.

Inflation

An increase in the global level of prices.

Monetary Functions

The three standard roles fulfilled by money: medium of exchange, store of value, and unit of account.

Four Essentials to Production and Consumption

The fundamental inputs required for production and consumption: time, skill, energy, and knowledge.

Frictional Unemployment

Temporary, voluntary unemployment undertaken for career advancement or educational training.

Cyclical Unemployment

Joblessness caused by production lags or seasonal work requirements, such as lifeguarding or snowplowing.

Structural Unemployment

Unemployment resulting from shifts in the economy, specifically technology taking over a job.

Durable Goods

Tangible products that have an expected lifespan of $3+$ years.

Glass Ceiling Effect

An invisible barrier that stops qualified women and minority groups from moving up to higher managerial and executive positions.

Broken Rung

A barrier where the first promotional step up into management is broken due to bias and a lack of experience or capital.

Medicare

Federally funded health insurance provided for the elderly aged $65$ and older.

Medicaid

Government health insurance designated for low-income families.

OASDI (Old-Age, Survivors, and Disability Insurance)

The official Social Security program funded by employer and employee taxes to provide income upon retirement, disability, or death.

Supplemental Nutrition Assistance Program (SNAP)

A federal public nutrition assistance program funded by tax dollars to support food purchases for qualifying low-income individuals.

Interdependent Activities

Tasks or events that are sequence-specific and depend on the completion of prior steps.

Task Switching

The mental process of changing between simultaneous activities, consisting of two distinct stages: goal shifting and rule activation.

Short-Term Goal

A specific, measurable goal intended to be accomplished within $3$ months or less.

Strategic Planning

A comprehensive planning approach that combines both proactive preparation and directional execution.

SWOT Analysis

A strategic tool used to examine Strengths, Weaknesses, Opportunities, and Threats to identify deficits and areas of growth.

Gross Income

The total monetary amount earned before taxes and other payroll deductions are removed.

Net Income

The take-home pay remaining after all taxes and deductions have been subtracted.

Contingency Planning

Alternative plans created simultaneously with the original plan in anticipation of potential problems or obstacles.

Communication

A symbolic, transactional process of creating and sharing meanings (intersubjectivity).

High-Context Communication

A communication pattern wherein a person's spoken words carry more meaning than their body language.

Low-Context Communication

A communication pattern wherein a person's body language conveys more meaning than their spoken words.

Report Communication

A communication style predominantly associated with men, characterized by a dominant role, neutral messages, and conciliation or ending arguments.

Rapport Communication

A nurturing communication style predominantly associated with women, marked by sensitivity, clear messaging, and emotional appeals.

Johari Window

A framework mapping awareness into four areas: Open Self, Blind Self, Hidden Self, and Unknown Self.

Normative Power

Family decision-making power that is rooted in traditional family roles and cultural expectations.

Affective Power

Power derived from relationships, relational bonds, emotional investments, and affection.

Four Horsemen of the Apocalypse

Four relational communication behaviors that escalate conflict: criticism, contempt, defensiveness, and stonewalling.

Micro Coordination

The use of communication technology solely for the logistical coordination of events and daily activities.

Hyper Coordination

The extended use of mobile communication technology that fosters the ongoing development and reinforcement of group social norms.

Digital Divide

The systemic gap in access to modern information and communication technology devices and reliable internet connectivity.