Life Planning and Behavior Economics Flashcards
How much you could obtain for an item at a later time.
Exchange Value
Something that is necessary to live and function.
Needs
Something that can improve your quality of life.
Wants
Unrelated to how much money we actually have, these values reflect what we think or believe about money.
Financial Values
The personal, big-picture objectives you set for how you’ll save and spend money.
Financial Goals
Our personal identity (how we see ourselves) and our social identity (how we believe others see us).
Inner Values
The principles that are most important to you in your life.
Life Values
The tangible aspects of life, the external world, our physical health and well-being.
Physical Values
Our desire for belonging and relatedness with our family members, neighbors, friends, coworkers and communities. Includes organizations with which we identify (e.g., clubs, sports teams, schools, professional groups).
Social Values
An online user who has earned credibility with specific groups and who can use their large platform to market a product.
Social Media Influencer
A subconscious error in thinking that leads to irrational decision making.
Cognitive Bias
The tendency to put more value on things you already own.
Endowment Effect
The tendency to feel anxiety/fear that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on a social media website.
FOMO (Fear Of Missing Out)
The tendency to conform to the behaviors and beliefs of the people around you.
Herd Mentality
The tendency to regard losses as considerably more important than gains of comparable magnitude.
Loss Aversion
