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Financial Decisions

QuestionAnswer
Needs: things people must have to live
Wants: things people like and desire
Short term goal: a statement about what a person wants to do that can be reached in a short amount of time: 1 day - 1 year
Long term goal: a statement about what a person wants to do that can be reached in 1 year - 5 years
Savings plan: a plan to save (or spend) money in order to reach a financial goal
Goods: touchible items that can be purchased, example: a shit, a car , a movie ticket
Services: activities that can be purchased, example: lawn service, massage, house cleaning
Opportunity cost: the cost that is paid when you give up something to get something else; a trade off, example: if I buy this ice cream cone I will not have enough money to buy a new shirt
Inflation: the cost of goods and services rises over time
Human capital: skills, talent and/or education a person has
Income amount of money you earn or receive from different sources
Created by: alowe