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1.02 Vocab
Personal Finance
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 fundinmental 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. |