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MONEY

Money

TermDefinition
Financial Decisions choices that are made based on the coast of a good or service
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 each a financial goal
Goods touchable items that can be purchased, example: a shirt, 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: wlangtfs
 

 



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