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Per Fi. Ch 1-1 Voc
Know these terms.
| Question | Answer |
|---|---|
| goals | the things you want to accomplish |
| personal financial planning | spending, saving, and investing your money so you can have the kind of life you want as well as financial security |
| values | the beliefs and principles you consider important, correct, and desirable |
| opportunity cost | what you give up when you make one choice instead of another |
| liquidity | the ability to easily convert your financial resources into cash without a loss in value |
| service | a task that a person or machine performs for you |
| good | a physical object that is porduced and can be weighed or measured |
| economics | the study of the decisions that go into making, distributing, and using goods and services |
| economy | consists of the ways in which people make, distribute, and use their goods and services |
| supply | the amount of goods and services that are available |
| demand | the amount of goods and services people are willing to buy |
| Federal Reserve System | the central banking organization of the United States an d it controls the money supply by determining interest rates and by buying or selling government securities. |
| inflation | the rise in the level of prices for goods and services |
| consumer | a person who purchases or buys and uses goods or services |
| interest | the price that is paid for the use of another's money |
Created by:
Mrs. Sutherland
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