Intro. to Financial Literacy--CH. 1

Consumer wants are always greater than the resources available to satisfy wants.

The first step in Systematic Decision Making is to....

Measuring the added benefit, versus the added cost, of one more unit of a product.

Moral principles or beliefs that direct a person's behavior.

Resources are .....

Resources are:

Acquiring basic financial knowledge and skills in order to make responsible financial choices.

Examples of nonhuman resources would be:

A downturn in the economy--slow growth, higher unemployment.

Which factors affect a person's financial future?

The quantity of a good or service that consumers are willing and able to buy at a given price.

Goals can be classified as......

The point at which the quantity demanded = quantity supplied.

The quantity of a product that producers are willing and able to provide at a certain price.

What are the unplanned ways people make decisions?

When you make a decision, the value of the option you gave up is:

An example of a need is.....

The United States operates under a ________economy.

Unethical behavior is sometimes illegal.

A person who purchases goods and services for his own use is a .....

Consumers will demand _______of a product at a _________price.

Completing driver's ed. before getting a driver's license is an example that goals are:

An example of an Entitlement Program is:

A surplus causes prices to_____while a shortage will cause them to______.

Principles and beliefs that a person considers important.

A method of weighing the costs against the benefits of a decision or purchase is:

An established measure of quality, value, or quantity.

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

Wanting to be on the basketball team and have a part time job after school is a______goal.

Inflation:

For every decision there is an opportunity cost.

An example of a human resource:

When you analyze all possible solutions to your problem, you are acting on which step? (SDM)

Producers are willing to provide more of a product at a lower price than at a higher price.