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25 Cards in this Set
- Front
- Back
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alternatives
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one of two or more possibilities
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benefits
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an advantage or profit gained from something
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break-even points
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points where the money/time spent is equal to income/benefits received
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cash flow
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The total amount of money being transferred into and out of a business or household
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choices
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act of deciding between alternatives
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consequences
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negative results of an action or choice
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costs
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amount that has to be paid given up to buy or obtain something
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criteria
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principle or standard by which something may be judged or decided
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delayed gratification
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ability to wait in order to obtain something that one wants
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goal
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reason for saving or controlling assets; future hopes and dreams
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human capital
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the skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization
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incentives
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a reward that motivates or encourages one to do something
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intermediate goal
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goal set for 3-6 months
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long-term goal
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goal set for longer than a year
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opportunity cost
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the next best thing given up when a choice is made
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physical capital
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any manufactured asset that is applied production
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private enterprise
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an economic system where the means of production (businesses) are owned by households and not the government
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satellite decisions
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smaller decisions that can result from a major one
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scarcity
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the limit placed on production/consumption as a result of the limit to resources available
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self-interest
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the belief that people will engage in social and economic activities based on what will benefit them individually
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short-term goal
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goal set for less than 3 months
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needs
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items necessary to life
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values
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the regard that something is held to deserve; the importance or preciousness of something
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voluntary exchange
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the act of buyers and sellers freely and willingly engaging in market transactions where both parties benefit
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wants
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a desire to possess something that is not necessary to live
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