| A | B |
|---|
| Standard of Living | The style of living that a person can afford, according to his/her income |
| Market Economy | A free enterprise system in which consumers respond to the economy as they wish --- in their earning, spending, saving, and borrowing |
| Workplace trend | A direction in which the workplace is moving |
| Prosperity | A period in which individuals/businesses are financially successful and thriving |
| Law of Scarcity | Individuals, families, businesses and nations have limited resources with which to meet the unlimited needs and wants of consumers/citizens |
| Opportunity Cost | The highest-valued alternative that must be given up when a choice is made |
| Trade off | The choice of one item while giving up another |
| Durable goods | Items with lasting value, the purchase of which is considered a form of savings |
| Financial security | Having enough money saved to be able to withstand crises and emergencies |
| Interest rate | Percentage of amount borrowed to be added to the amount loaned and paid back |
| Inflation | A period in which demand for goods/services is high and prices continue to rise |
| Cultural | Related to the traditions, beliefs, roles, and communication styles of a group |
| Demographic | Statistical data about a population |
| Media | Print, sound, and image channels through which information is conveyed |
| Moral | Related to a sense of right and wrong |
| Value | A fundamental belief about what is desirable and worthwhile |
| Lifestyle conditions | Factors about the way a person lives and works that affect his/her financial income, needs, and expenses |
| Dependents | People who rely on another person for primary financial support---e.g., children, spouse, other family members |
| Economic outlook | The state of the economy, whether favorable or unfavorable, as measured by economic indicators, including interest and unemployment rates |
| Employment status | A person’s work circumstances, whether employed or unemployed, full-time or part-time, self- or other-employed |
| Financial Life Cycle | Typical stages of wealth a person accumulates during the life cycle |
| Basic Wealth Protection | The stage during which most people form a family, begin to work and earn money |
| Wealth accumulation | The stage that includes the peak earning years, giving money to oneself |
| Wealth distribution | The stage of retirement and wealth consumption, money given to chosen ones |
| Beginning family | A family of young adults who marry; newlyweds |
| Expanding family | A child-bearing family; has one or more young children |
| Parenting family | A developing family, with children growing into middle childhood and early teens |
| Launching family | A family with middle-age parents and children leaving home for college, etc. |
| mid-years family | A pre-retirement famly, no children at home |
| aging family | A family of elderly adults, usually retired |
| variations | Families that do not follow the “typical” life cycle stages |
| Failure to plan | Not making shopping lists, spending plans, doing comparison shopping, etc. |
| Failure to protect | Not securing personal information and property |
| Failure to be informed | Not reading labels, fine print, contracts, sales offers, etc. |
| Failure to communicate | Not asking questions, discussing purchases, saying “no” when needed |
| scam/scheme | A plot designed to trick someone; a deception |
| concealing information | Hiding information; hiding the truth |
| pyramid | A scam that usually involves a “get rich quick” chain letter, sending money to others in order to, supposedly, receive money in the mail yourself |
| chain letter | A letter asking one to send several letters with money in order to, supposedly, receive money in the mail yourself |
| high pressure sales approach | Using extreme tactics to persuade a consumer to buy |
| vague offers | Offers that withhold certain details, expecting one to pay up front to get them |
| sweepstake letter | States that one has won a valulable prize, but must pay a fee to claim it |
| lottery | Prizes awarded by chance after purchase of a ticket; very small chance of winning |
| earn-money-at-home offers | Offers that hinge on a consumer first purchasing something |
| winning bid at auctions | A scam artist my notify you that you have the winning bid, ask for money, but never ship the item purchased |
| Federal Trade Commission | FTC; a government agency to assist consumers who’ve been victims of fraud |
| National Consumers League | Has a website where incidents of consumer fraud may be reported |
| Better Business Bureau | A local consumer protection agency |
| State Attorney General | This state office assists consumers who have been victimized by fraud |
