| A | B |
|---|
| priorities | judgements about the realitve importance of alternatives. |
| needs | Things you must have in order to live. |
| wants | Things that you desire but that are not necessary to live. |
| values | Strongly held beliefs and principles about what is worthwhile. |
| standards | Established levels of quality or quanitity to measure against. |
| goals | Targets for what you want to accomplish |
| family life cycle | The series of stages through which a family passes. |
| resources | Anything that is useful or helpful in the process of achieving goals or solving problems. |
| scarcity | An econommic principle stating that because of limited resources, an econonomic system can't possibly produce all the goods and services that people want; therefore. choices must be made about how the limited resources will be used. |
| opporunity cost | The value of the best alternative you give up when you decide to use resources one way rather than another. |
| bartering | Exchanging goods or services with another person. |
| management | The process of using resources effectively to reach goals. |
| procrastinate | To put off taking action. |
| impulse purchase | A purchase made on a whim without planning. |
| fads | Interests, products, or styles that people take up with exaggerated enthusiasm for a brief time. |
| status symbols | Possessions or activities by which social or economic prestige is measured. |
| conspicuous consumption | Purchasing goods or services to impress others. |
| critical thinking | Applying reasoning strategies in order to make sound decisions. |
| credentials | Licenses, certifications, or degrees that indicate knowledge and expereince in a certain subject area or qualification to perform a certain service. |
| bias | A preference that might prevent impartial judgement. |
