Economics Unit 8 Key Terms

associate's degree

an undergraduate academic degree awarded by colleges and universities after completion of a course of study typically lasting two years.

bachelor's degree

an undergraduate academic degree awarded by colleges and universities after completion of a course of study typically lasting four years.

career

an occupation undertaken for a significant period of a person's life that has opportunities for progress and advancement.

doctoral degree

a graduate academic degree awarded by universities after completion of a course of study typically lasting four to eight years.

FAFSA

the Free Application for Federal Student Aid, which is a form prepared annually by current and prospective college students in the United States to determine their eligibility for student financial aid.

grants

money from the government, from colleges, or from private sources that does not have to be paid back.

job stability

the likelihood that an employee has gainful employment for his or her work life.

lifetime earnings

the amount of money a person would earn during his or her working career.

loan

an arrangement in which a lender gives money to a borrower, and the borrower agrees to repay the money with interest over a specified period of time.

master's degree

a graduate academic degree awarded by universities after completion of a course of study typically lasting two years.

opportunity cost

the benefits a person or organization could have received by making an alternative decision.

return on investment (ROI)

a measure of the gain or loss generated by an investment as compared with the amount of money invested.

salary

an agreed-upon and regular compensation for employment that is paid by an employer to an employee.

scarcity

the idea that there are limited amounts of resources for an unlimited amount of wants and needs.

scholarships

money given to a student by an organization or institution for a specific reason (such as academic performance, athletic ability, or some other factor) that does not have to be paid back.

work-study

a college program that allows students to work part-time while attending school in order to reduce their educational costs.

financial aid

money that students are given or loaned to help pay for college

career

an occupation undertaken for a significant period of a person's life that has opportunities for progress and advancement.

cover letter

a letter sent with other documents, especially a résumé, as an introduction to a potential employer.

interview

a type of employment test that involves a conversation between a job applicant and a representative of the employing organization.

job fair

an event for employers to meet with job seekers.

job skills

talents or abilities that a potential employee possesses.

interpersonal skills

the skills used by a person to effectively interact with others; sometimes called "people skills."

marginal benefit

the additional satisfaction (utility) that a consumer receives from an additional unit of a good or service.

networking

the cultivation of productive relationships for employment or business purposes.

opportunity cost

the benefits a person or organization could have received by making an alternative decision.

rejection

the act of turning down an applicant for a job.

résumé

a brief written account of personal, educational, and professional qualifications prepared by an applicant for a job.

screening

a process in which prospective employees are investigated to verify qualifications and experience.

marginal cost

the cost added by producing or consuming one extra item of a product.

labor union

organization for employees to collectively bargain over wages and benefits.

collective bargaining

process between employees and employers to settle grievances.