EPF Chp One Financial Decisions

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

Medicaid, Medicare, and Social Security are

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

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

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

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

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

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

It is helpful to identify goals and rank them based on

Needs and wants do not change over time.

The choice you give up when you choose an option.

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

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

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

The tools you can use to reach your goals

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

A CAR is not a need

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

Wanting to be popular is a to be goal

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

Money, time, and equipment are examples of internal resources

Goods can be touched, used, and purchased.

Marginal analysis measures the cost of scarce resources

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

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

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

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

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

Goals are closely related to values.

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

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

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

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

Marginal analysis is not a powerful tool

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

Human and non-human are types of resources

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

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

Demographic trends impact the economy & the financial life of individuals

A period of rising prices.

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

Including false information on a job application IS unethical.

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

The statistical characteristics of a population.

What helps you adjust to new and unexpected situations

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

Cultural and ethnic traditions affect the choices you make.

Opportunity cost cannot be measured.

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

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

An established measure of quality, value, or quantity.

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

Intangible activities that another person usually performs for a fee.

Financial security is the ability to purchase everything you want.

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

During a recession, consumers tend to spend less money.

Easily identified goals that continually change are referred to as