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Finance

TermDefinition
Bartering The direct exchange of one good for another
Money An item, or commodity, that is agreed to be accepted in trade.
Commodity Money Coins containing precious metals.
Representative Money Tokens or pieces that are not intrinsically valuable themselves. but can be exchanged for a specific commodity.
Fiat Money Similar to representative money,but can't be redeemed for a commodity, such as gold or silver.
Decision A choice that is made about things that can have an effect on your life.
Routine Decision Decisions made on a day to day basis.
Major Decision Decisions made on a day to day basis.
Financial Decision Decisions dealing with a lot of money.
Value Something worthwhile, important, and desirable.
Well-Being State of being happy, healthy and prosperous.
Decision-Making Process Identify the problem. List alternatives. Decide. Evaluate the results.
Need An item that is necessary for life.
Want Something that is unnecessary to life, but desired.
Short-Term Goals Can be accomplished in 1 year.
Long-Term Goals Can be accomplished in more than 1 year.
Education Goals Can help individuals prepare for success in the workplace and life.
Human Capital The process of self-investment.
Created by: KyroJ