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Chapter 1 Vocabulary

Glencoe - Planning Personal Finances

AB
personal financial planningarranging to spend, save, and invest money to live comfortably, have financial security and achieve goals
goalsthe things you want to accomplish
valuesthe beliefs and principles you consider important, correct and desirable
opportunity costaka a trade off, is what is given up when making one choice instead of another
liquiditythe ability to easily convert financial assets into cash without loss in value
servicea task that a person or machine performs for you
gooda physical item that is produced and can be weighed or measured
economicsthe study of decisions that go into making, distributing, and using goods and services
economyconsists of the ways in which people make, distribute an duse their goods and services
supplythe amount of goods and services available for sale
demandthe amount of goods and services people are willing to buy
Federal Reserve Systemaka "The Fed", the central banking organization of the U.S.
inflationthe rise in the level of prices for goods and services
consumera person who purchases and uses goods or services
interestthe price that is paid for the use of another's money
time value of moneythe increase of an amount of money due to earned interest or dividends
principalthe original amount of money on deposit or borrowed
future valuethe amount your original deposit or borrowed money will be worth in the future based on earning or paying a specific interest rate over a specified period of time
annuitya series of equal regular deposits
present valuethe amount of money you would need to deposit now, or borrow, in order to have a desired amount in the future



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