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Unit A Vocab

Why do we need a job?

TermDefinition
Lifestyle Factors Things about your job that affect the way you live your life.
Trade-off A compromise, or giving up one thing in order to get something else.
Need Something you cannot live without.
Want Something you desire.
Motivator Something that can encourage you to set goals and make decisions.
Value A measure of the importance or quality of something.
Economics The study of the way people use resources to achieve their needs and wants.
Labor Market. Any situation in which workers compete for jobs and employers compete for workers.
Unemployment Rate The percentage of unemployed people looking for jobs.
Job Security Knowing that you will always have a job and receive a paycheck.
Cost of Living The cost of money you need to sustain a certain lifestyle.
Bureau of Labor Statistics Federal government agency that measures the labor market activity, working conditions, price changes, and productivity in the U.S. economy.
Income Money received through work or through investments.
Salary Payment of agreed annual amount; Dependable income each month. More likely to include paid sick and paid vacation time.
Minimum Wage The lowest wage permitted by law.
Wage Payment based on the numbers of hours worked, usually does not include paid vacation or paid sick days.
Living Wage The minimum income necessary for someone to meet their basic needs.
Poverty Wage An hourly wage that would leave a full-time worker below the federal poverty guideline for their family size.
Created by: user-1572602
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