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| Question | Answer |
|---|---|
| values | things that are important to us |
| needs | things we can not live without |
| wants | things we desire |
| scarcity | the availability of goods |
| goals | achievable plans |
| over confidence | when one person believes they are better than another |
| fear of missing out | afraid of missing an investment or trade opportunity |
| regret avoidance | not admitting an investor made a poor investment |
| confirmation bias | seek information that supports someones beliefs |
| endowment effect | people value their property |
| sunk costs | investment already spent |
| hedonic adaptation | raise in income doesn't change financial stress |
| bandwagon effect | Investors follow the crowd which leads to asset bubbles and crashes |
| economy | a countries consumption and production |
| Resources | funds and assets to run a company |
| entrepreneurship | starting a buisness |
| land | long term asset |
| labor | physcial, mental, and social effort used in production |
| capital | cash or liquid assets being held |
| market economy | the people have control over their own business |
| command economy | government has control over production, distribution, and prices |
| traditional economy | systems that determine how trade and commerce work |
| mixed economy | people still have control over their property while government can get involved to a degree |
| capitalism | private owners control property, interest, supply, demand, and prices |
| socialism | means of production owned by the community |
| communism | all wealth and property is communally owned |
| ultimate dream goal | being out of debt |
| mission | businesses reason for existence |
| vision | what a company wants to achieve |
| short term goals | goals a company wants to achieve in a short period of time (quarter or annual) |
| midterm goals | ties long term and short term goals together |
| long term goals | goals that take you over 5 years to accomplish |
| SMART goals | Specific, measurable, attainable, relevant, and timely goals that are realistic |
| financial planning pyramid | bottom to the top, protection, savings, wealth and speculation |
| cash flow | cash moving in and out of a business at a specific time |
| risk profiling | identifies risk required to make investment |
| emergency fund | money reserve set aside for unplanned expenses |
| estate | everything of value an individual owns |
| portfolio | collection of investments |
| insurance | financial protection |
| tax planning | situation that allows you to pay lowest taxes possible |
Created by:
mosercai001
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