Chapter !

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20 terms · Chapter 1 Vocabulary words

Personal financial planning

spending, saving, and investing your money so you can have the kind of life you want as well as financial security.

Goals

the things you want to accomplish

Values

the beliefs snd principles you consider important, correct, and desirable.

Opportunity cost

what you give up when you make one choice instead of another.

Liquidity

the ability to easily convert your financial resources into cash quickly.

Service

a task that a person or a machine performs for you.

Good

a physical object that is produced and can be weighed or measured.

Economics

the study of the decisions that go into making, distributing, and using goods and services.

Economy

the ways in which people make, distribute, and use their goods and services.

Supply

the amount of goods and services available for sale.

Demand

the amount of goods and services people are willing to buy.

Federal Reserve System

(fed) the central banking organization of the United States.

Inflation

rise in the level of prices and goods and services.

Consumer

a person who purchases and uses goods or services.

Interest

the price that is paid for the use of another's money.

Time value of money

the increase of an amount of money as a result of interest or dividends earned.

Principal

the amount of money you deposit and on which interest is paid

Future value

the amount your original deposit will be worth in the future based on earning a specific interest rate over a specific period of time.

Annuity

s series of equal regular deposits.

Present value

the amount of money you would need to deposit now in order to attain a desired amount in the future.

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