Personal Financial Literacy Review

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What is a skilled worker?

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A skilled worker is someone who has special training or education that allows them to perform a job effectively, often resulting in higher pay.

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What is an unskilled worker?

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An unskilled worker is someone who does not have specialized training or education for a job, often earning less than skilled workers.

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What is a wage?

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A wage is the income earned from work, usually paid on an hourly, daily, or piecework basis.

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What is interest?

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Interest is the extra money paid to a lender for borrowing money, usually expressed as a percentage of the amount borrowed.

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What does it mean to borrow money?

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To borrow money means to take money from someone (like a bank) with the agreement to pay it back later, often with interest.

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What is the relationship between supply and demand?

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Supply is how much of a product is available, and demand is how much people want that product. Prices usually go up when demand is higher than supply.

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What happens to prices when there is less supply?

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When there is less supply of a product, prices usually increase because more people want to buy it.

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What is a budget?

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A budget is a plan that helps people manage their money by tracking income and expenses.

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What is saving?

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Saving is setting aside money for future use instead of spending it all now.

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What is a loan?

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A loan is money that is borrowed and must be paid back, usually with interest.