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Flashcards in Financial Decision Making Factors Deck (10)
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1

not being wasteful; to be sparing or carefully save

frugal

2

clear, identifiable objective you plan to accomplish

goals

3

cost of an item in terms of other opportunities which were given up

opportunity cost

4

the problem of society having too many wants and needs while possessing limited resources

scarcity

5

an exchange of one thing for another, especially giving up one benefit or advantage for another which is more desirable

tradeoff

6

the ability to hold back one's actions

restraint

7

an unplanned, spontaneous purchase

impulse buying

8

social pressure exerted by an age group to take certain action; also known as the "bandwagon effect"

peer pressure

9

the awareness of one's environment and the impact personal decisions can make

civic consciousness

10

to give or pay a tax; usually 10 percent

tithe