Economics & Personal Finance Midterm Review - Modules 2-6

A comprehensive vocabulary review of 93 essential terms covering workplace communication, critical thinking, ethics, economic systems, and consumer rights from Modules 2 through 6.

Active Listening

Paying attention and providing feedback during communication.

Effective Time Management

A productivity skill that begins with setting priorities.

Good Public Speaker

A speaker who speaks clearly and maintains eye contact.

Meeting Engagement

The practice of showing involvement during a meeting by nodding and asking clarifying questions.

Effective Communication

The clear sharing of information, exemplified by giving directions that others can follow.

Integrity

Doing what is right even when no one is watching.

Integrity in Personal Finance

Demonstrating truthfulness in monetary matters, including being truthful on loan applications.

Ethical Workplace Conduct

The most ethical action when an employee finds a lost wallet at work, which is to turn it in to a supervisor.

Critical Thinking in the Workplace

Using logic and evidence to make informed decisions.

Problem Definition

The first step an individual should take when faced with a complex problem, which is to define the problem clearly.

Data-Driven Decision Making

Demonstrating critical thinking by using data to decide which product sells best.

Evidence-Based Selection

Choosing the best option between two workable solutions based on evidence and reasoning.

Role of Critical Thinking

Assisting employees in evaluating information to make better choices.

Post-Mistake Analysis

The critical thinking process of analyzing why an error happened and preventing it next time.

Requirements of Critical Thinking

Analytical habits that often require careful observation and questioning.

Workplace Conflict Resolution (First Step)

The initial action in resolving a workplace dispute, which is to identify the problem and listen to all perspectives.

Emotional De-escalation

Taking a break when emotions are high in a disagreement and returning when calm.

Keys to Conflict Resolution

The two essential elements that successful conflict resolution depends upon: effective communication and compromise.

Unmet Deadline Protocol

Informing your supervisor early and proposing a solution if you cannot meet a deadline.

Task Overload Management

Discussing the problem with a supervisor when assigned four tasks that cannot all be accomplished by the deadline.

Non-Verbal Communication

A common form of communication without words, such as making a gesture.

Safe Lifting Technique

An ergonomic rule stating that when lifting, you should never let your shoulders go below your waist.

Three Major Types of Economic Resources

The primary economic inputs categorized as natural, labor, and capital.

Constructive Criticism

Feedback that is important because it tells a person how to improve.

Unethical Salesperson Behavior

Telling a customer that a product is unavailable so they will buy a more expensive item.

Egg Case Profit Calculation

A calculation where eggs selling for $\$1.12$ per dozen yield $\$13.44$ for $12\text{ dozen}$, resulting in $\$4.44$ profit after subtracting the $\$9.00$ cost per case.

Ecommerce

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

Workplace Hazard Protocol

The safety procedure requiring a worker who sees a workplace hazard to immediately bring it to the supervisor's attention.

Americans with Disabilities Act of 1990

A law that protects the rights of people with conditions such as blindness.

Overcoming Nervousness

Techniques used to manage anxiety, specifically smiling and asking questions.

Underutilizing Team Strengths

A mistake in a group project where failing to use the strengths of all team members causes resentment on the part of other members.

Integrity Example

Exhibiting honesty and reliability.

Participation on the Job

Attending and focusing in group meetings, passing on good ideas to others, and helping supervisors, co-workers, and customers when possible.

Strong Work Ethic (Policy Adherence)

Demonstrating dedication by adhering to the policies and procedures that your employer wants you to follow.

Reading Skill Improvement

Practicing by reading more books and magazines, reading aloud to help with comprehension, and reading instruction manuals at work.

Consequences of Slang or Poor Grammar

Workplace repercussions including losing customers, generating problems with supervisors and co-workers, and losing promotions or jobs.

Academic Work Ethic

Student behaviors showing a strong work ethic, including being on-time to school, having good attendance, and turning assignments in on time.

Exceptional Customer and Co-Worker Service

Greeting every customer immediately upon entry, asking questions to determine wants and needs, and treating all customers with equal respect.

Technology Privacy and Personal Safety

Protecting oneself by using only trusted websites, ensuring purchase sites are secure, and avoiding security risks by installing virus protection software.

Compensation

The amount of money an employee will make doing a job.

Career Choice Factors

Key personal elements to consider when choosing a career: your interests, your personality, and your values and goals.

Human Capital

The business skills and knowledge a particular person brings to a job/business.

FBLA Competitive Events

An aspect of FBLA that provides students the opportunity to compete against students from other high schools.

Professional Business Attire

Clothing such as a business suit, considered acceptable for FBLA events and interviews.

FBLA

An acronym standing for Future Business Leaders of America.

Worker Skill and Technology

The economic reality that with new developments in technology, the skill of workers becomes more important.

Personal Interests and Career Success

The carryover of school and non-school interests and activities into career choices and professional success.

Joint Venture

A cooperative partnership exemplified by a concert sponsored by the Roanoke Civic Center and Star Country ($94.9\text{ FM}$).

Red Cross

A nonprofit corporation set up where all operating expenses are covered first and any remaining profits are put right back into the organization to help others.

Distance Learning

Education or training delivered to the student online, by mail, or on television.

Exchange Rate

The value of one currency compared to another currency.

Free Enterprise System

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

Scarcity

The challenge of resources being limited while wants are unlimited.

Resource Disparity

The economic reality that everyone has different resources.

Deficit

The fiscal outcome that results when the government spends more than it receives.

Consumer Economic Uncertainty

The financial behavior where consumers tend to spend less and save more when doubtful about their economic future.

Failure to Plan Ahead

A lack of financial planning that leads consumers to have trouble paying routine monthly bills.

Fair and Open Trade

A system of commerce among nations that most governments believe benefits all.

Outsourcing

A practice that occurs when companies move sections of their business to other companies or subsidiaries.

Service Qualifications Verification

Checking a person's qualifications before having them perform services that require special knowledge or skills.

Consumer Information Responsibility

The responsibility consumers have to seek out and use information about goods and services when it is available.

Protection Against Misleading Information

The consumer right to be protected against false and misleading information about goods and services.

Informed Consumer

A consumer who knows what resources are available and where to find information on goods and services and legislation.

Consumer Rights and Responsibilities

The principle that consumers have certain rights that carry corresponding responsibilities.

Source Reliability

The necessity of knowing the source of information in order to judge its reliability and usefulness.

Nostalgia Advertising

A type of ad that might emphasize childhood memories to sell a product.

Advertising Spending

The billions of dollars businesses spend every year on advertising to sell their products.

Dispute Resolution Entities

Organizations such as a Better Business Bureau, a consumer action group, and the appropriate government agency used to help settle disputes with sellers.

Systematic Decision-Making Process

A process that includes defining the problem and exploring alternatives, choosing the best alternative and acting on the decision, and evaluating the decision.

Needs

Those items you must have to survive, such as food.

Infomercials

Advertisements that are usually program-length.

Identity Theft

A rapidly increasing crime that can cause serious financial consequences for victims.

Product Direction Responsibility

The consumer responsibility to read and follow directions that come with the products they buy.

Right to Safety

A consumer right that includes protection against the sale and distribution of dangerous goods and services.

Nature of Evaluation

A decision-making phase characterized as being a continuous function.

Flexibility

An adaptability skill that helps you adjust to new and unexpected situations.

Unethical Behavior

Conduct that is usually considered wrong and may even be illegal.

Key to Financial Well-Being

Spending less than you earn.

Purpose of the Evaluation Process

An ongoing review that can help you make future decisions.

Foundations of Informed Decisions

A clear understanding of your needs and wants, values and goals, priorities, and standards.

Systematic or Rational Decision Making

An effective, organized way to deal with important problems and choices.

Habitual Choice

A choice made out of habit, such as eating the same food at lunch every day.

Reduced Price Caution

The marketplace reality that not everything being sold at a reduced price is a good buy.

Top-Quality Product Purchasing Rule

The consumer principle that it is not always smart to buy the most expensive, top-quality products, regardless of intended use or purpose.

Marketplace Self-Protection

One of the best ways consumers can protect themselves in the marketplace, which is dealing only with reliable, reputable sellers.

24/7 Global Comparison Shopping

Shopping made possible by the Internet and television to browse and compare products and prices from all over the world 24 hours a day, seven days a week.

Shopping at Home

A very convenient way to buy many of the products you need.

Specialty Shops

Retail stores that sell specific goods and services.

Superstores and Warehouse Clubs

Large retail outlets that threaten local neighborhood stores that cannot compete with their prices and wide selection of merchandise.

Core Consumer Rights

Fundamental consumer protections including being heard, being informed, and the right to safety and choice.

Shopping for Professional Services

A process where it pays to check the experience and qualifications of the person performing the service, fees and charges for specific services, and the reputation of the person.

Labels and Hangtags

Sources of information where contents, ingredients, or materials used, the name and address of the manufacturer, and use and care instructions can all be found.

Consumer Skepticism

The critical mindset consumers need to maintain when sellers make exaggerated and unbelievable claims.