Values Needs & Wants

Front

The main financial decisions influences are: by personal values, needs, and wants.

Back

Personal values, needs, and wants.

Front

A fundamental belief about what is desirable, worthwhile, and important to an individual.

Back

Value

Front

A person's values can be influenced by what three sources from notes?

Back

family, friends, teachers, culture, religious affiliations, and media.

Front

Determining what you want your life to look like in the present and long term.

Back

What is The first step in managing money

Front

Goods or services required for survival, including physiological and biological requirements for maintaining life.

Back

Needs

Examples of needs include food, water, clothing, shelter, and basic health care.

Front

Desired goods and services that increase quality of life but are not necessary for survival.

Examples?

Back

Wants

Examples of wants include chocolate chip sundaes, designer jeans, and houses with pools.

Front

Trade-off

Back

Giving up one thing for another.

Front

Opportunity Cost

Back

The value of the next best alternative that must be forgone as a result of a decision.