Financial Literacy
The possession of a body of financial knowledge, a set of basic skills, and the ability to apply knowledge and skills to making informed, responsible financial choices.
Financial Literacy
Moral principles or beliefs that direct a person's behavior.
Ethics
A supply of something that can be used when needed
The change in total benefit of using one additional unit is _______________
Marginal Benefit
A process of choosing a course of action after evaluating available information and weighing consequences.
Systematic Decision-making
Necessities a person must have to survive.
Needs
A value or goal that is given more importance than other values and goals
Priority
Honesty, Fairness, Respect are all examples of this
Positive Ethical Behavior
The change in total cost of using one more unit is ________________
Marginal Cost
The process of organizing and using resources to achieve predetermined objectives
Management
things that a person desires but can live without.
Wants
An established measure of quality, value, or quantity
Standard
Having the ability to understand basic topics related to finance such as wisely making, spending, and saving money
Financial Competence
The ___________________________ states that the marginal benefit of using each additional unit of something tends to decrease as the quantity used increases
Law of Diminishing Marginal Utility
A system that individuals use to acquire, organize, maintain, retrieve, and use information
Personal Information Management (PIM)
An individual who purchases goods and services
Consumer
The overall structure of values and goals that guides a person's behavior and provides a sense of direction in life.
Value System
A method of weighing the costs against the benefits
Cost benefit analysis
The choice you give up when you make one choice over another
Trade-off
Name three stages of management
Planning, Action and Evaluation
Principles and beliefs that a person considers important
Values
An objective to be attained in a specific amount of time.
Goals
Name three types of goals
To be goals, to do goals and to have goals
The value of the option you gave up
Opportunity Cost
What two personal characteristics are key in reaching goals
Determination and Flexibility