EPF Chp One Financial Decisions

The need to obtain one goal in order to attain another goal is referred to as a(n)

Opportunity cost cannot be measured.

Science that focuses how people, govts, & companies use limited resources to satisfy unlimited wants

Globalization gives you access to a diversity of goods and services around the world.

During a recession, consumers tend to spend less money.

To be a good manager, you should identify all available resources.

Determination, motivation, experience, and energy are examples of internal resources

Cultural and ethnic traditions affect the choices you make.

It is not necessary to identify your goals or rank them in order of importance.

A body of financial knowledge, basic skills, making informed and responsible financial choices.

A CAR is not a need

Human and non-human are types of resources

Living within your means is the only way to have financial peace

Marginal analysis measures the cost of scarce resources

Money, time, and equipment are examples of internal resources

Intangible activities that another person usually performs for a fee.

___________________ gives consumers access to a vast diversity of goods & services

Cost-benefit analysis show(s) if it is in your best interests to make a purchase or not

Weighing the costs against the benefits of an action is a form of cost-benefit analysis.

The change in total cost of using another unit of a product.

Action keeps you focused on the final goal and helps you stick with a project

Goods can be touched, used, and purchased.

The tools you can use to reach your goals

This keeps you focused on the final goal & helps you stick with the project to the end

The value of an option you give up when making a choice.

Tangible items that can be touched, used, and purchased.

When prices go up and the value of the dollar declines, we are in an economic recession

An ongoing process that can take you from where you are to where you wish to be financially.

The overall structure of values & goals that guides behavior & provides direction in your life.

What helps you adjust to new and unexpected situations

Goals are closely related to values.

A value or goal that is given more importance than other values and goals.

The choice you give up when you choose an option.

Financial security is the ability to purchase everything you want.

The application of science and research to human life and environments.

The statistical characteristics of a population.

It is helpful to identify goals and rank them based on

Management is the process of organizing & using resources to achieve predetermined objectives

There are seven steps in the systematic decision-making process.

An established measure of quality, value, or quantity.

You should make sure to cover your wants before you cover your needs.

A period of rising prices.

Medium-term goals may take five years or more to achieve.

Including false information on a job application IS unethical.

The planning phase of management involves identifying goals, obstacles, and resources.

Your possessions can be resources that help you achieve a goal.

What are the goals that include career choices and personal characteristics are referred to as

Marginal analysis is not a powerful tool

Demographic trends impact the economy & the financial life of individuals

Wanting to be popular is a to be goal

You should be able to measure progress toward achieving a goal.

The things you would like, but they are not things that are essential.

The moral principles or beliefs that direct a person’s behavior.

Easily identified goals that continually change are referred to as

When you decide one thing is more important than another, you are establishing a standard.

Needs and wants do not change over time.

Medicaid, Medicare, and Social Security are