Vocab
Things you desire but are not necessary to live
Wants
The idea of limited resources inhibiting an economic system from producing all of the goods and services that people wants
Scarcity
To put off taking action
Procrastinate
Interests, products, or styles that people take up with exaggerated enthusiasm for a brief time
Fads
Licenses, certifications, or degrees that indicate knowledge and experience in a certain subject area
Credentials
A purchase made on a whim, without planning
Impulse purchase
The exchange of goods or services with another person
Bartering
The idea of having to give up one thing in order to use your resources for something else
Opportunity cost
Applying reasoning strategies in order to make sound decisions
Critical thinking
Targets for what you want to accomplish
Goals
Anything that is useful or helpful in the process of achieving goals or solving problems
Resources
A preference that might prevent impartial judgment
Bias
Your judgments about the relative importance of alternatives
Priorities
Established levels of quality or quantity to measure against
Standards
Things you must have in order to live
Needs