Understanding Trade Offs in Decision Making

Front

*Front:* Trade-off

Back

balance achieved between two desirable but incompatible features.

Front

*Front:* Opportunity Cost

Back

cost of forgoing the next best alternative when making a decision.

Front

*Front:* Scarcity

Back

resources leading to the necessity of trade-offs.

Front

*Front:* Decision-Making

Back

of choosing between alternatives, often involving trade-offs.

Front

*Front:* Want

Back

Services or goods that would help a person enjoy their life further

Front

*Front:* Need

Back

Goods or services that fulfill a basic need

Front

*Front:* Financial values

Back

principles and beliefs that guide how people manage their money and make financial decisions.

Front

*Front:* Short-term vs. Long-term

Back

between immediate benefits and future gains.