Unit 1 - Vocab Review

a given household where half of the households in the geographic area of interest earn more and half earn less.

Desires that can be satisfied by consuming a good or service.

relating to a combination of social and economic factors.

the state of being scarce or in short supply; shortage.

a measure of how woman are paid compared to what men are paid.

understanding the topic of money.

Someone who performs manual labor, often in a manufacturing job, and who earns an hourly wage.

Championship question: IN THE MOVIE THE HOBBIT! What is the name of the mountain they must take back from SMAUG?!

capable of being touched; real, concrete.

Movement of individuals or groups from one position in a society's stratification system to another.

describes instances where actual costs are either higher or lower than the standard or projected costs

invisible barriers that prevent minorities and women from being promoted to top corporate positions.

when income exceeds expenditures

the total wealth of an individual, company, or household, taking account of all financial assets and liabilities.

a thing that motivates or encourages one to do something.

unable to be touched or grasped; not having physical presence.

someone who works in a professional or clerical job and who usually earns a weekly salary.

the most desirable alternative given up as the result of a decision.

a current medium of exchange in the form of coins and banknotes; coins and banknotes collectively

When government spendings exceeds revenue