Managing your Personal Finance

Question 0

Marginal Cost

Answer 0

Change in total cost of using one more unit

Question 1

Marginal benefit

Answer 1

The change in total benefit of using one additional unit

Question 2

Trade off

Answer 2

Is the choice you give up when you make one choice over another

Question 3

Opportunity Cost

Answer 3

Is the value of the option you gave up.

Question 4

Systematic Decision-making

Answer 4

1. ) Problem: Define the problem or challenge
2. ) Alternative: Explore alternatives
3. ) Choose: best alternatives
4. ) Act: on decision
5. ) Evaluate: the decision

Question 5

Economic conditions

Answer 5

State of the economy at any given time.

Question 6

Recession

Answer 6

Period of slow or no economic growth, can have a major impact on personal money management

Question 7

Inflation

Answer 7

Period of rising prices, also relates to personal money management.

Question 8

Demographics

Answer 8

Are the statistical characteristics of a population

Question 9

Culture

Answer 9

Is the beliefs, behaviors, and other characteristics common among members of a group or society

Question 10

Technology

Answer 10

The application of science and research to human life and environments.

Question 11

Globalization

Answer 11

Is the worldwide spread and integration of production, markets, communications, and technology.