Budget +

The economic condition of limited resources that prevents people from having everything they want.

• Wants

• Budget

• Opportunity Cost

• Scarcity

Expenses that vary from month to month, such as entertainment, car repairs, or doctor bills.

• Short Term Goals

• Fixed Expenses

• Variable Expenses

• Impulse Buying

Plans that can be accomplished within three months to a year.

• Short Term Goals

• Long Term Goals

• Opportunity Costs

• Fixed Expenses

Money that is spent on goods, services, and bills.

• Fixed Expenses

• Variable Expenses

• Budget

• Expenditures

Expenses that do not change from month to month, such as auto insurance or rent.

• Variable Expenses

• Fixed Expenses

• Short Term Goals

• Impulse Buying

The next best alternative given up when making a financial choice.

• Short Term Goals

• Opportunity Cost

• Expenditures

• Discretionary Income

Plans that take a year or more to accomplish.

• Short Term Goals

• Long Term Goals

• Budgeting

• Expenses

Goods or services that people cannot survive without, such as water, food, shelter, or clothing.

• Needs

• Wants

• Expenditures

• Expenses

Making a purchase based on an immediate want or due to the pressure of advertising.

• Wants

• Expenditures

• Expenses

• Impulse Buying

A record of income and spending an a plan for managing money.

• Scarcity

• Expenditures

• Budget

• Needs