Financial Literacy Concepts and Definitions

Front

Define the term 'Consumer'.

Back

A consumer is an individual or entity that purchases goods and services for personal use.

Front

Define the term 'Needs'.

Back

Basic requirements essential for survival and well-being.

Front

Define the term 'Wants'.

Back

Wants are desires or wishes for specific items or experiences that are not essential for survival but enhance quality of life.

Front

Define the term 'Earn'.

Back

Make money by working

Front

Define the term 'Spend'.

Back

Spend is a term that refers to the act of using money to purchase goods or services.

Front

Define the term 'Income'.

Back

Income is the money received, especially on a regular basis, for work or through investments.

Front

Define the term 'Asset'.

Back

Own something valuable

Front

Define the term 'Producer'.

Back

Person who makes things

Front

Define the term 'Priority'.

Back

To be done first on the list

Front

Define the term 'Goods'.

Back

Goods are tangible products that can be bought, sold, or traded.