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TermDefinition
Needs Goods or services that are required for survival.
Opportunity cost The value of the next best alternative that must be forgone as a result of a of decision.
Trade-off Giving up one thing for another.
Value A fundamental belief or practice about what is desirable, worthwhile, and important to an individual.
Want The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival.
Goal The end result of something a person intends to reach somewhere in the near future.
Financial Planning Managing your money to reach financial goals.
Financial Goal Specific objectives that are accomplished through financial planning.
Short-term goal A goal that is achieved in less than a year.
Long-term goal A goal that is achieved in more than a year.
Trade-off Giving up one thing for another.
Opportunity cost The value of the next best alternative that must be forgone as a result of a decision.
Created by: ZLittle97
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