| A | B |
|---|
| wants | what you desire but don't need to live |
| needs | what you must have in order to live |
| priorities | your judgments about the relative importance of alternatives |
| standards | established levels of quality or quantity to measure against |
| family life cycle | serious stages through which a family passes |
| goals | targets for what you want to accomplish |
| values | strongly held beliefs and principals about what is worthwhile |
| resources | anything that is useful or helpful in the process of achieving goals or solving problems |
| scarcity | because of limited resources, an economic system can't possibly produce all the goods and services people want |
| opportunity cost | what 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 | put off taking action |
| impulse purchase | a purchase made on a whim, without planning |
| fads | interests, products, or styles that 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 |
| bias | preference that might prevent impartial judgment |
| critical thinking | applying reasoning strategies in order to make sound decisions |
| credentials | licenses, certification, or degrees that indicate knowledge and experience in a certain subject area |
