Consumer and Financial Decisions
The next best alternative foregone
Opportunity Cost
A legally binding document between individuals
Contract
Golden Arch
McDonald's
The process of keeping records of income and spending
Budgeting
Limited resources and unlimited wants
Economic Problem
A lack of an available resource or good
Scarcity
Found love online
Romance scam
Car brand, one short of the Olympic rings
AUDI
Money spent which is typically unchanging
Fixed Expense
Shows the relationships between sectors of the economy
Circular Flow of Income
Marketing, Age, Social Media all of these things are....
Factors Influencing Choice
A fraudulent document designed to imitate a legitimate source
Phishing
Lowest prices are just the beginning
Bunnings
Unable to repay debt you might need to declare
Bankruptcy
STM
Leakages
Writing structure to recommend
REECL
Monitor companies for fraudulent behaviour and prosecute where necessary
ASIC
Taste the rainbow
Skittles
The money gained from owning shares
Dividends
Tracks economic growth over time
The business cycle
Use of a preapproved loan with a fixed limit
Credit Card
The two primary consumer rights
Fit for Purpose
Acceptable Quality
Just do it
Nike
Money taken by your employer, for the government, for later in your life.
Superannuation
Two quarters of negative economic growth
Recession