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Finlit2
Financial lit
| Term | Definition |
|---|---|
| Values | the regard that something is held to deserve; the importance, worth, or usefulness of something. |
| Needs | of necessity. |
| Wants | have a desire to possess or do (something); wish for. |
| Scarcity | the state of being scarce or in short supply; shortage. |
| Goals | the object of a person's ambition or effort; an aim or desired result. |
| Over Confidence | the quality of having an unrealistically high opinion of one's own judgment, ability, powers |
| Fear of Missing Out | refers to the feeling or perception that others are having more fun, living better lives, or experiencing |
| Regret Avoidance | the tendency for people to make emotional, rather than logical decisions in order to avoid feeling regret. |
| Confirmation Bias | the tendency of people to favor information that confirms or strengthens their beliefs or values and is difficult to dislodge once affirmed |
| Regret Aversion | occurs when a decision is made to avoid regretting an alternative decision in the future. |
| Endowment Effect | a circumstance in which an individual places a higher value on an object that they already own than the value .. |
| Loss Aversion | a circumstance in which an individual places a higher value on an object that they already own than the value ... |
| Sunk Costs | an investment already incurred that can't be recovered. |
| Hedonic Adaptation | Hedonic adaptation refers to the notion that after positive |
| Bandwagon Effect | he tendency for people to adopt certain behaviors, styles, or attitudes simply because others are doing so. |
| Economy | the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services. |
| Resources | a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively. |
| Entrepreneurship | the activity of setting up a business or businesses, taking on financial risks in the hope of profit. |
| Land | the part of the earth's surface that is not covered by water, as opposed to the sea or the air. |
| Labor | work, especially hard physical work. |
| Capital | the most important city or town of a country or region, usually its seat of government and administrative center. |
| Market Economy | an economic system in which production and prices are determined by unrestricted competition between privately owned businesses. |
| Command Economy | n economy in which production, investment, prices, and incomes are determined centrally by a government. |
| Traditional Economy | a system that relies on customs, history, and time-honored believes |
| Mixed Economy | an economic system combining private and public enterprise. |
| Capitalism | Specific, Measurable, Achievable, Realistic, and Timely.an economic and political system in which a country's trade and industry are controlled by private owners for profit. |
| Socialism | a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. |
| Communism | a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs |
| Ultimate Dream Goal | most extreme or important because either the original or final, |
| Mission | an important assignment carried out for political, religious, or commercial purposes, typically involving travel. |
| Vision | the ability to think about or plan the future with imagination or wisdom. |
| Short Term Goals | something you want to do in the near future. |
| Midterm Goals | A medium term goal is one that takes a bit longer. |
| Long Term Goals | A long-term goal is something you want to accomplish in the future. |
| SMART Goals | Specific, Measurable, Achievable, Realistic, and Timely. |
| Financial Planning Pyramid | a portfolio strategy that allocates assets according to the relative risk levels of those investments. |
| Cash Flow | the total amount of money being transferred into and out of a business, especially as affecting liquidity. |
| Risk Profiling | the nature and level of the threats faced by an organisation. |
| Emergency Fund | a source of ready cash in case of an unplanned expense, an illness, or the loss of a job |
| Estate | an extensive area of land in the country, usually with a large house, owned by one person, family, or organization. |
| Portfolio | relating to, denoting, or engaged in an employment pattern that involves a succession of short-term contracts and part-time work, rather than the more traditional model of a long-term single job. |
| Insurance | a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium. |
| Tax Planning | hen a taxpayer makes use of the tax law to pay the least amount of taxes possible. |
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