| A | B |
|---|
| something you must have to have to survive, such as air, food, water. | needs |
| something you desire or would like to have or do, such as wanting a leather coat rather than just any coat. | wants |
| Producing goods and services requires | resources |
| 1st step financial planning | set goals |
| personal financial planning | process of defining goals |
| something you prize | values |
| someone who spends money for goods and services, directly or indirectly | consumer |
| any material object useful to people in satisfying wants or needs and scarce enough so that people are willing to pay for it. | goods |
| A person may be able to perform a personal service, such as mowing a lawn, or a health service. These services satisfy a want or need | services |
| purchase made on a whim | impulse buying |
| a choice made in an organized, logical manner. | rational buying |
| process of distinguishing your needs from wants based on your values | goal setting |
| the situation in which consumers’ wants are greater than the resources available to satisfy those wants | Scarcity |
| Specific | S in Smart |
| Choosing one option may mean giving up altogether another | Opportunity Cost |
| Measurable | M in Smart |
| Attainable | A in Smart |
| realistic | R in Smart |
| Timebound | T in Smart |
| Time is an example | human resource |
