Flashcards for unit 1
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| Values | the regard that something is held to deserve; the importance, worth, or usefulness of something
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| Needs | of necessity.
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| Wants | have a desire to possess or do (something); wish for.
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| Scarcity | the state of being scarce or in short supply; shortage.
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| Goals | the object of a person's ambition or effort; an aim or desired result.
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| Overconfidence | the quality of being too confident; excessive confidence.
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| Fear of Missing Out | anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media.
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| Regret Avoidance | tendency for people to make emotional, rather than logical decisions in order to avoid feeling regret.
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| Confirmation Bias | the tendency to interpret new evidence as confirmation of one's existing beliefs or theories.
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| Regret Aversion | when a decision is made to avoid regretting an alternative decision in the future.
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| Endowment Effect | an emotional bias that causes individuals to value an owned object higher, often irrationally, than its market value.
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| Loss Aversion | the observation that human beings experience losses asymmetrically more severely than equivalent gains.
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| Sunk Costs | refers to money that has already been spent and cannot be recovered.
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| Hedonic Adaptation | the observed tendency of humans to quickly return to a relatively stable level of happiness despite major positive or negative events or life changes
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| Bandwagon Effect | a psychological phenomenon in which people do something primarily because other people are doing it, regardless of their own beliefs.
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| Economy | the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
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| Resources | a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively.
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| Entrepreneurship | the activity of setting up a business or businesses, taking on financial risks in the hope of profit.
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| Land | a part of the earth's surface marked off by boundaries.
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| Labor | work, especially hard physical work.
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| Capital | the most important city or town of a country or region, usually its seat of government and administrative center.
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| Market Economy | an economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
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| Command Economy | an economy in which production, investment, prices, and incomes are determined centrally by a government.
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| Traditional Economy | a system that relies on customs, history, and time-honored beliefs.
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| Mixed Economy | an economic system combining private and public enterprise.
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| Capitalism | an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
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| Socialism | a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
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| Communism | a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
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| Ultimate Dream Goal | some future action.
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| Mission | an important assignment carried out for political, religious, or commercial purposes, typically involving travel.
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| Vision | the ability to think about or plan the future with imagination or wisdom.
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| Short Term Goals | something you want to do in the near future.
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| Midterm Goals | objectives that may take longer to achieve than short-term objectives, but they often have a shorter timeline than that of a long-term goal
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| Long Term Goals | something you want to accomplish in the future
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| SMART Goals | Specific, Measurable, Achievable, Realistic, and Timely.
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| Financial Planning Pyramid | a road map to help people decide where to put their emphasis today in preparing to reach their ultimate financial goals.
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| Cash Flow | the total amount of money being transferred into and out of a business, especially as affecting liquidity.
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| Risk Profiling | a quantitative analysis of the types of threats an organization, asset, project or individual faces.
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| Emergency Fund | a financial safety net for future mishaps and/or unexpected expenses.
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| Estate | an extensive area of land in the country, usually with a large house, owned by one person, family, or organization.
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| Portfolio | a range of investments held by a person or organization.
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| Insurance | a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.
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| Tax Planning | the analysis of a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible.
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