Unit 1 Vocabulary

Section 1.1 Vocabulary

Financial Freedom

The ability to make a decision without worrying about Financial Constraints (To hold back). 

i.e. 

How far are you in your understanding? I can:

1.0: Write a factual statement (not definition) concerning financial freedom.

2.0: In your own words (not the teacher's), define financial freedom.

3.0: Identify a choice that hurts your ability to be financially free.  

4.0: Explain why you think (opinion) most Americans are not Financially Free. Research your opinion and provide evidence from what you find to back up your opinion. 

Economics

Understanding the cycle of money. 

i.e.

Key Facts: 

How far are you in your understanding? I can:

1.0: Write a factual statement (not definition) concerning Economics

2.0: In your own words (not the teacher's), define Economics

3.0: What is a better word for money that truly describes economics?

4.0: Google Economics to find two other definitions of Economics. (1) What do those definitions include that ours does not? (2) Compose a new definition that includes our concept AND a new concept with 10 words or less. 

Financial Literacy 

Understanding the cycle of MY money. 

i.e.

How far are you in your understanding? I can:

1.0: Write a factual statement (not definition) concerning Financial Literacy

2.0: In your own words (not the teacher's), define Financial Literacy

3.0: Describe "one cycle" of your money.

4.0: Criticize each element of your 3.0 "one cycle of your money" and build a better 'cycle' that could act as a goal. 

Service (help!)

An action that is a consumer want

i.e. To mow someone's lawn is an act of service.

EQ:  

How far are you in your understanding? I can:

1.0: Write a factual statement (not definition) concerning a service

2.0: In your own words (not the teacher's), define service

3.0: What are 3 services that YOU use?

4.0: Provide an example of a service. For whom would that service be considered a good? Describe why.

Good(s)

It's a physical Item that is a consumer want 

i.e. Shoes, Clothes, Phone all these things are Goods.

EQ: 

How far are you in your understanding? I can:

1.0: Write a factual statement (not definition) concerning a good

2.0: In your own words (not the teacher's), define goods

3.0: Other than your outfit and technologies, what are 5 goods that YOU have? 

4.0: Visit this site. After reading the page, create your own definition of complementary goods and give a list of 4 complementary goods that you have. 

Consumer

Someone who uses a good or services to satisfy an economic want. 

i.e. Your shoes or shirts that you're using mean you're a consumer, Doesn't have matter is your family bought it or you did because you're using them.

EQ: Give an example of when YOU were a consumer

How far are you in your understanding? I can:

1.0: Write a factual statement (not definition) concerning a consumer.

2.0: In your own words (not the teachers), define consumer.

3.0: When making a consumer decision, give a spending and a non-spending alternative.

4.0: Give 5 actions that would show that a consumer is not wise financially. Explain why for each.

Human Capital

The skills, abilities, and talent of an individual. 

i.e. (Example Scenario) Jack is unique because he can juggle 4 spoon that is his Human Capital. 

How far are you in your understanding? I can:

1.0: Write a factual statement (not definition) concerning Human Capital

2.0: In your own words (not the teacher's), define Human Capital

3.0: Name 1 skill, 1 ability and 1 talent you possess. Describe why each is considered a skill, ability or talent.

4.0: Name a job you would like to have. Using google or your own knowledge, name 3 skills, 3 abilities, and 3 talents that the job would require. On a scale of 0 to 10 (0 representing you have none of that human capital, 5 being average among all ages and 10 representing you are the best in the world) rate yourself for the 9 qualities. 

Income

Money earned by providing goods and services by your Human Capital. 

i.e. When you work for your job you will get paid for your effort.

EQ: Why (or why not) is birthday money considered income?

How far are you in your understanding? I can:

1.0: Write a factual statement (not definition) concerning income.

2.0: In your own words (not the teachers), define income.

3.0: Give an example of how education and training can affect lifetime income

4.0: Research 3 careers. For each, determine it's starting income and average income. Give 2 reasons to explain which of the 3 careers you would prefer.

Section 1.2 Vocabulary

Salary:

Money earned per job by providing goods and services from your human capital

How far are you in your understanding? I can:

1.0: Write a factual statement (not definition) concerning salary

2.0: In your own word (not the teacher's), define salary

3.0: How can you take advantage of a salaried job?

4.0: Research salary overtime laws.  Make sure you include when overtime is available and when it is not, for salaried individuals.  Also include exceptions to this rule.  

Wage: 

Money earned per Hour by providing goods and services from your human capital

Ex. Fast Food employees are paid per hour.

How far are you in your understanding? I can:

1.0: Write a factual statement (not definition) concerning a wage

2.0: In your own word (not the teacher's), define wage

3.0: Why are fast food workers paid a wage instead of a salary?

4.0: Research and give the federal minimum wage, Nebraska minimum wage and Washington D.C. minimum wage.  Provide your reasoning for why these are different. 

Unemployed/Unemployment:

When one does not have a job but is actively searching for a job. 

How far are you in your understanding? I can:

1.0: Write a factual statement (not definition) concerning unemployment.

2.0: In my own words (not the teachers), define unemployment.

3.0: Provide 2 different occassions where there is confusion about when someone would be considered unemployed.

4.0: Describe where these people fall on the unemployment square:

       1.  work from home mom

       2.  full time college student

       3.  stay at home dad

       4.  retired grandmother

Gross Pay:

The amount of money earned before income taxes are taken away. 

How far are you in your understanding? I can:

1.0: Write a factual statement (not definition) concerning gross pay

2.0: In your own word (not the teacher's), define gross pay

3.0: When is gross pay important? (Hint: it has something to do with a big somebody/something else)

4.0: When looking up average incomes for different careers or jobs, why would gross pay be the number that is reported?

Net Pay

The amount of money earned after taxes is taken away. 

Ex. It's the money you have left after paying  Medicare, Insurance, and Taxes.

How far are you in your understanding? I can:

1.0: Write a factual statement (not definition) concerning net pay

2.0: In your own word (not the teacher's), define net pay

3.0: Mathematically represent, using words, how to determine net pay.

4.0: Research 4 things that affect net pay. Summarize each.

Income Tax

Taxes are taken by the Federal government on all of your earned income 

How far are you in your understanding? I can:

1.0: Write a factual statement (not definition) concerning income tax

2.0: In your own word (not the teacher's), define income tax

3.0: What are two things that you use that are supported by income taxes?  

4.0: The U.S. uses a progressive tax system.  Find a country that uses a different tax system and explain how they do income taxes and how people pay.  

Sales Tax

Taxes added to the purchase of goods and services for the purposes of the local (city, county & state) government.

How far are you in your understanding? I can:

1.0: Write a factual statement (not definition) concerning sales tax

2.0: In your own word (not the teacher's), define sales tax

3.0: What are two things that you use that are supported by sales taxes?

4.0: Research the sales tax in Grand Island and explain what additional taxes you might pay when you go out to eat.  Determine where those additional taxes go.