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PF 1.01
financial decisions
| Term | Definition |
|---|---|
| Needs | Goods or services that are required for survial |
| Opportunity Cost | 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 | fundamental belief of practice about what is desirable, worthwhile, and important to an indivdual |
| Want | desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival |