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1.00 Well Being

Vocab Definitions

TermDefinition
Need 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.
Emotional Developing strategies to cope with negative life experiences
Financial Opening a savings account
Intellectual Attending tutoring sessions
Physical Exercising
Social Hanging out with friends.
Goal Something a person intends to acquire, achieve, or accomplish in the future.
Financial Goals Specific objectives that are accomplished through financial planning.
Short Term Goals A goal that will be attained in less than one year.
Opportunity Costs The value of the next best alternative that must be forgone as a result of a decision.
Financial Planning Managing money continuously through life in order to reach your financial goals.
Created by: Rob Bob
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