| A | B |
|---|
| Scarcity | limited availability of resources |
| Opportunity Cost | The value of the next best option given up |
| Incentives | something that motivates a person to act |
| Income | money received for work or other sources |
| Budget | A plan for spending and saving money |
| Expenses | Money spent on goods and services |
| Savings | Money set aside for future use |
| Credit | Borrowing money with the promise to repay later |
| Interest | Extra money paid for borrowing or earned for saving |
| Debt | Money that is owed |
| Needs | Basic items required for survival such as food and shelter |
| Wants | Items that improve quality of life but are not necessary |
| Spending | Using money to buy goods and services |
| Saving | Keeping money for future use |
| Financial Literacy | Understanding how to manage money wisely. |
| Limited Resources | Resources that are not unlimited |
| Trade-off | Giving up one thing to get another |
| Short Term Goal | Something planned for near future |
| Long Term Goal | Something planned for the distant future |
| Fixed Expenses | Costs that stay the same each month |
| Variable Expenses | Costs that change from month to month |
| Decision Making | Choosing between different options |
| Global Economy | The system of trade and finance across the world. |
| Money Management | Planning how to use and save money |
| Financial Risk | The chance of losing money when making decisions |
