FINLIT Vocabulary Ch1

Method of weighing the costs against the benefits of an action, a purchase, or a financial decision.

• cost-benefit analysis
• opportunity cost
• marginal analysis
• ethics
• goods

Value of the option you give up.

• law of diminishing marginal utility
• marginal analysis
• opportunity cost
• management
• personal financial planning

Government program that provides financial benefits to eligible citizens based on their legal rights.

• standard
• law of diminishing marginal utility
• standard
• entitlement
• ethics

Application of science and research to human life and environments.

• management
• technology
• ethics
• earnings
• human resource

Objective to be attained in a specific amount of time.

• goal
• management
• good

• personal financial planning
• nonhuman resource

Established measure of quality, value, or quantity.

• standard
• opportunity cost
• ethics
• law of diminishing marginal utility
• reflection

Measures the added benefit, versus the added cost, of one more unit of a product.

• personal financial planning
• aardvark
• cash
• ethics
• marginal analysis

Process of organizing and using resources to achieve predetermined objectives.

• flow
• ostrich
• management
• morals
• ethics

Tools you can use to reach your goals.

• personal financial planning
• resource
• personal financial planning
• management
• determination

Influences the way you live and think as well as your decisions and behavior.

• opportunity cost
• values
• law of diminishing marginal utility
• code
• ethics