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1.02 Vocabulary
Financial Decisions
Term | Definition |
---|---|
Needs | Goods or services that are required for survival |
Opportunity Cost | The value of the next best alternative that must be forgone as a result of a decision |
Trade-off | Giving up one thing for another |
Value | A fundamental belief or practice about what is desirable,worthwhile, and important to an individual |
Want | The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival |