Financial Decisions Vocab

What term is defined as "Goods or services that are required for survival"?

• Want

• Value

• Needs

• Trade-off

What is the definition of "Opportunity cost"?

• Giving up one thing for another

• The value of the next best alternative that must be forgone as a result of a decision

• A fundamental belief or practice about what is desirable, worthwhile, and important to an individual

• The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival

Which term is described as "Giving up one thing for another"?

• Needs

• Trade-off

• Value

• Opportunity cost

What is the definition of "Value"?

• Goods or services that are required for survival

• The value of the next best alternative that must be forgone as a result of a decision

• A fundamental belief or practice about what is desirable, worthwhile, and important to an individual

• The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival

What term is defined as "The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival"?

• Needs

• Trade-off

• Value

• Want

Which term refers to "Goods or services that are required for survival"?

• Value

• Needs

• Opportunity cost

• Trade-off

What does "Trade-off" mean?

• The value of the next best alternative that must be forgone as a result of a decision

• Giving up one thing for another

• A fundamental belief or practice about what is desirable, worthwhile, and important to an individual

• The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival

Which term is defined as "A fundamental belief or practice about what is desirable, worthwhile, and important to an individual"?

• Value

• Needs

• Trade-off

• Opportunity cost

What is the definition of "Needs"?

• Goods or services that are required for survival

• The value of the next best alternative that must be forgone as a result of a decision

• Giving up one thing for another

• A fundamental belief or practice about what is desirable, worthwhile, and important to an individual

Which term is described as "The value of the next best alternative that must be forgone as a result of a decision"?

• Trade-off

• Needs

• Opportunity cost

• Want