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FL Strand 1
| Term | Definition |
|---|---|
| Values | The things you believe are important. |
| Needs | Of necessity. |
| Wants | Not necessary. |
| Scarcity | A lack of or few. |
| Goals | Object of ambition/effort. |
| Overconfidence | Excessively confident. |
| Fear of Missing Out | Not wanting to be left out. |
| Regret Avoidance | Making emotional instead of logical decisions to avoid feelings regret. |
| Confirmation Bias | Favoring information that confirms or follows your beliefs. |
| Regret Aversion | Decision made to avoid regretting a future decision. |
| Endowment Effect | Buying something thats the same thing you own doesn't have as much value as your original object. |
| Loss Aversion | Pain of losing is twice as hard as the pleasure of gaining. |
| Sunk Costs | An investment that's already happened and can't be recovered. |
| Hedonic Adaptation | Returning to a relatively stable place of happiness. |
| Bandwagon Effect | Doing something because someone else is doing so. |
| Economy | System of inter-related production and consumption activities in a group. |
| Resources | A stock of materials needed in order to function properly. |
| Entrepreneurship | Taking financial risks in hope of profit. |
| Land | any natural resource used to produce goods and services |
| Labor | Working for a company to earn money. |
| Capital | Human goods converted to resources. |
| Market Economy | Prices are determined by unrestricted competition. |
| Command Economy | Prices are determined by the government. |
| Traditional Economy | People gather their own goods and items on their own. |
| Mixed Economy | Combination of private and public enterprises. |
| Capitalism | Country trade and industry controlled by private owners for profit. |
| Socialism | Goods and prices are determined by the community. |
| Communism | Things are publicly owned and each person works and is paid to their needs. |
| Ultimate Dream Goal | An ultimate goal in life. |
| Mission | What you intend to do or change about something. |
| Vision | Image in business of what you want or plan out. |
| Short Term Goals | Goals that are to be completed in a short amount of time. |
| Midterm Goals | Goals that take a decent amount of time to finish. |
| Long Term Goals | Goals that are to be completed throughout a long period of time. |
| SMART Goals | Specific Measurable Achievable Realistic Timely. |
| Financial Planning Pyramid | Financial matters to be addressed first. Debt reduction, insurance, emergency funds. |
| Cash Flow | How much cash is transferred in and out of a company. |
| Risk Profiling | Structure of a company's income statement. |
| Emergency Fund | Money set aside specifically for surprised and unplanned inconveniences. |
| Estate | Property to have something placed or built on top of it. |
| Portfolio | Collection of financial investments. |
| Insurance | Financial losses are protected by a contract/policy. |
| Tax Planning | Using tax law to pay the least amount of taxes possible. |
Created by:
kentaura
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