Money Matters
A financial plan that lists expected income and expenses over a given time (monthly) usually made with a goal to wisely manage personal finances.
What is a budget
Tangible objects that can be seen, used, or touched
What are goods?
The amount of the good or services being supplied by the producer
What is supply?
The combination of buyers and sellers of labour constitutes the labour market.
What is the labour market?
income, expenses and savings
What are finances?
Having more expenses than income available during a specific period of time. ($-)
What is a budget deficit
are often referred to as luxuries in order to make life easier/more pleasurable - and they are not essential for survival
What are wants?
problem caused by our wants being unlimited vs the availability of resources to obtain or produce our wants being limited
What is relative scarcity?
a marketplace for money
What is the financial market?
The study of production of goods and services, and how they are valued, traded and consumed; it is a cycle that transfers wealth around the world.
What is economics?
a sum of money that is owed or due to a financial institution.
What is debt?
Actions that people perform for others
The benefit we miss out on when making a choice
What is opportunity cost?
Refers to the relationship between the buyers and sellers, rather than to any physical location.
What is a market?
work
What is labour?
a fixed regular payment given to full-time and part-time employees
What is a salary?
are essentials which we must have in order to survive. They include food shelter and clothing.
What are needs?
where prices of goods and services are determined by the forces of supply and demand in a free market
What is price mechanism?
These are the markets that allow us to buy most of our goods and services
What are retail markets?
a target that is set by a specific and future financial need.
What is a financial goal?
The price of lending or borrowing money is known
What is Interest?
are individuals, businesses, or organisations that create and supply goods or services in the marketplace
What are producers?
is a price at which the quantity demanded by buyers equals the quantity supplied by sellers
What is Equilibrium?
shares in companies that are bought and sold
What is the stock market?
how a country or group of people organize and manage their money, jobs, and resources to meet their needs and wants
What is the economy?