Factors Affecting Income

A collection of vocabulary flashcards covering key concepts related to income and employment.

Income

Money earned from working or providing services.

Wages

Money paid based on hours worked.

Salary

A fixed amount of money earned each year.

Education

Learning and schooling that builds knowledge.

Skills

Abilities a person has to do tasks well.

Experience

Knowledge gained by doing a job over time.

Occupation

A job or type of work a person does.

Career

A long-term path of related jobs.

Human capital

Skills, education, and experience that make workers valuable.

Productivity

How much work is done in a certain time.

Specialization

Focusing on one specific skill or task.

Job market

Where workers and employers connect.

Demand for labor

How many workers employers want to hire.

Supply of labor

How many workers are available.

Incentive

A reward that motivates people to act.

Entrepreneurship

Starting and running a business.

Technology

Tools that help people work more efficiently.

Economic conditions

The overall state of the economy.

Discrimination

Unfair treatment based on personal traits.

Labor union

A group that represents workers.

Benefits

Extra compensation like health insurance.

Taxes

Money paid to the government.

Cost of living

How expensive it is to live in a place.

Standard of living

Quality of life based on income and costs.

Investment in self

Time or money spent improving skills.