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Financial Literacy Basics
Terms in this set (35)
The possession of a body of financial knowledge, a set of basic skills, and the ability to apply your knowledge and skills to making informed and responsible financial choices.
Personal Financial Planning
The process of setting financial goals and developing plans to reach them while meeting financial needs.
A formalized report that summarizes your current financial situation, analyzes your financial needs, and recommends future financial activities.
Something essential for survival
An item that we desire but that is not essential to survival
A person who purchases goods and services for personal use
Tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs
Any activity that fulfills a human want or need and returns money to those who provide it.
The principles you live by and the beliefs that are important to you
Overall structure of values and goals that guides a person's behavior and provides a sense of direction in life.
Moral principles that govern a person's behavior or the conducting of an activity.
Value or goal that is more important than others
Established or widely recognized as a model of authority or excellence
A substance in the environment that is useful to people, is economically and technologically feasible to access, and is socially acceptable to use.
Objective to be attained in a specific amount of time
Ability to understand basic topics related to finance
Method of weighing the costs against the benefits of an action, a purchase, or a financial decision
The change in total benefit of using one additional unit
Change in total cost of using one additional unit
Law of Diminishing Marginal Utility
States that the marginal benefit of using each additional unit of something
Choice given up when making one choice over another
Value of the option given up
Process of choosing a course of action after evaluating available information and weighing the costs and benefits of alternative actions and their consequences
Process of organizing and using resources to achieve predetermined objectives
Personal Information Management (PIM)
A system that individuals use to acquire, organize, maintain, retrieve, and use information
The state of the economy at a given time
Period of slow or no economic growth
Overall rise in prices
Amount that is paid for using money. Also, a feeling of wanting to learn more about a topic or to be involved in an activity
The statistical characteristics of a population
Shared beliefs, behaviors, customs, practices, and other characteristics among members of a group or society
Application of science and research to human life and environment
Forms of communication designed to reach a large number of people
Government program that provides financial benefits to eligible citizens based on their legal rights
Worldwide spread and integration of production, markets, communications, and technology
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