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Chapter 1
Chapter 1
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Chapter 1 vocabulary from the text Foundations of Financial Literacy.
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19 cards
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1
An established measure of quality, value, or quantity.
values
standards
priorities
ethics
2
A management system that can help you manage both human & nonhuman resources.
Opportunity Cost
PIM
Law of Diminishing Marginal Utility
Systematic Decision Making
3
The moral principles or beliefs that direct a person's behavior.
priorities
standards
values
ethics
4
Worldwide spread & integration of production, markets, communications, & technology.
Globalization
Entitlement
Recession
Demographics
5
A process of choosing a course of action after evaluating available information.
PIM
Opportunity Cost
Law of Diminishing Marginal Utility
Systematic Decision Making
6
The value of the option you gave up.
PIM
Opportunity cost
Law of Diminishing Marginal Utility
Systematic Decision Making
7
Principles & beliefs that a person considers important.
standards
ethics
values
priorities
8
A value or goal that is given more importance than others.
values
ethics
standards
priorities
9
A method of weighing the costs against the benefits of a purchase.
cost benefit analysis
trade off
financial competence
marginal benefit
10
Necessities a person must have to survive.
wants
goal
resource
needs
11
States that the marginal benefit of using each additional thing tends to decrease as the quantity used increases.
Opportunity Cost
Systematic Decision Making
PIM
Law of Diminishing Marginal Utility
12
Period of slow or no economic growth.
Demographics
Recession
Globalization
Entitlement
13
A period of rising prices in the economy.
Interest
Inflation
Economic Condition
Recession
14
Government program that provides financial benefits to eligible citizens.
entitlement
Globalization
Demographics
Recession
15
Statistics of a population.
Globalization
Entitlement
Recession
Demographics
16
A set of basic skills & the ability to apply them when making financial choices.
financial literacy
service
standard
consumer
17
An overview of a person's current financial position & strategies to meet future goals.
good
financial plan
financial literacy
service
18
The choice you give up when you make one choice over another.
financial competence
trade off
marginal benefit
cost-benefit analysis
19
Having the ability to understand basic topics related to finance.
cost benefit analysis
marginal benefit
financial competence
trade off
