Vocabulary - Personal Finance

money earned for working or selling goods/property

• human capital

• income

• personal finance

• labor

skills, abilities, or education that make workers valuable.

• income

• labor

• human capital

• savings

physical or mental work done in return for a wage

• savings

• personal finance

• labor

• income

the management of a person's money and decisions made about that money

• labor

• demand

• income

• personal finance

when demand is greater than the amount of goods that can be produced because of limited resources.

• supply

• scarcity

• demand

• labor

the amount of a good or service available to consumer

• supply

• demand

• scarcity

• income

the consumer's interest in and willingness to pay for a good or service.

• supply

• materials

• demand

• human capital

resources and supplies needed for the production of goods

• personal finance

• labor

• income

• materials

Money set aside for future use.

• human capital

• savings

• interest

• materials

Money that is borrowed to pay for goods or services now and must be paid back to the lender later

• scarcity

• credit

• labor

• income