Decisions, Decisions, Decisions! Savings

Budgeting = Decision Making Needs Wants Goods Services Scarcity Opportunity Cost

Needs Something required for your survival Food Shelter Clothing

Wants Something you desire, but do not have to have to survive

Goods Physically tangible items that we can buy

Services Physically intangible things Child care Health care Utilities

Scarcity People’s wants for goods and services exceeds society’s capacity to produce them

Opportunity Cost represents an alternative given up when a decision is made.

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