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Finance
Term | Definition |
---|---|
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. |