Vocab
individual who purchases goods and services for personal use
consumer
The ______ is the change in total cost of using one more unit.
marginal cost
Items that can be touched, used, and purchased are considered to be _____.
A. intangible items
B. tangible items
C. needs
D. wants
B. tangible items
The ability to generate income or money through various means.
Earn
government program that provides financial benefits to eligible citizens based on their legal rights
entitlement
____ is the amount that is paid for using money.
Interest
Paying to have your hair cut, lawn mowed, taxes filed, or house cleaned are all examples of _____.
A. goods
B. values
C. tangibles
D. services
D. services
Essential strategies for managing money.
Save and Invest
objective to be attained in a specific amount of time
goal
_____ impacts individual, family, business, and government decisions by providing information for making financial decisions.
Accounting
An overview of an individual’s current financial position and strategies to meet future financial aspirations is referred to as _____.
A. financial literacy
B. a financial plan
C. a value system
D. ethics
B. a financial plan
Taking proactive measures to safeguard your financial well-being and assets from potential losses or threats.
Protect
tangible items that can be touched, used, and purchased, such as food or clothing
good
A person's _____ is the overall structure of values and goals that guides his or her behavior and provides a sense of direction in life.
value system
The value of a dollar goes down as prices rise, making buying power lower, during _____.
A. interest increases
B. a recession
C. inflation
D. economic growth
B. a recession
The act of using money to acquire goods, services, or assets.
Spend
overall rise in prices
inflation
Statistical characteristics of a population are its _____.
demographics
The beliefs, behaviors, and other characteristics common among a group or society is their _____.
A. culture
B. demographic
C. globalization
D. ethics
A. culture
The process of strategically taking on debt to achieve financial goals while simultaneously effectively handling repayment and minimizing the negative consequences associated with it.
Borrow and Manage Debt