C1 Finance Flashcards - SUMMARY PDF

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Summary

SUMMARY...

Description

C1F i n a n c e T e r msi nt h i ss e t ( 1 3 ) Consumption

Economic s

Using up goods and services The science of how individuals, businesses, and governments make decisions about satisfying unlimited wants with limited resources

Econom y

An economic system that encompasses the production, distribution, and consumption of goods and services

Goal

Something that you strive to achieve over a certain amount of time

Long-Term Goal

Medium-Term Goal

A goal that you expect to achieve over a longer period of time, such as one year and beyond Goals that fall in between short- and long-term goals, often taking longer than a few months to achieve but not necessarily years

Short-Term Goal

A goal that you expect to achieve in the near future, such as in a day, within a week, or possibly within a few months

Need

Something that is essential, regardless of your financial condition, such as food, shelter, and clothing

Want

Something that you might wish to have, but not having it will not threaten your existence, such as a new television, video games, and taking a vacation

Scarcity

The understanding that our needs and wants are unlimited, but we have limited resources such as money and time

SMART Goal

A goal that is Specific, Measurable, Achievable, Results- focused, and Time-bound

Standard of Living

A term used to describe the level of wealth, material goods, and necessities considered to be essential to an individual or group in a particular geographic area

C1F i n a n c e

Value

A principle or standard that you believe is important to live and work by...