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Chapter !

Chapter 1 Vocabulary words
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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.