What Is Capitalism, and How Does It Work?
Warren Team
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Key terms
- Proof of WorkA consensus mechanism that requires miners to solve computationally intensive mathematical puzzles to validate transactions and add new blocks to the blockchain. It was the first consensus method used in blockchain technology and remains the mechanism behind Bitcoin. While highly secure, Proof of Work is criticized for its significant energy consumption and environmental impact.
- Work-StudyA federal program that provides part-time employment to undergraduate and graduate students with financial need, allowing them to earn money to help pay for education expenses. Work-study jobs are often on campus and related to the student's field of study, providing both income and valuable work experience. Eligibility is determined through the FAFSA, and earnings do not count against you on future FAFSA applications.
- Room and BoardThe combined cost of housing and meal plans at a college or university, which is a significant portion of the overall cost of attendance. Room and board costs vary depending on whether you live on campus, off campus, or at home, and the type of meal plan you select. Many colleges require first-year students to live on campus and purchase a meal plan.
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