Lesson 7- Cost and Benefit Analysis
Learning Goals: By the end of this lesson you will be able to
- The goal of this lesson is to understand how to make informed personal financial decisions by understanding the benefits and costs of common financial choices. It aims to improve financial literacy, encourage critical thinking, apply knowledge to real-life scenarios, and emphasize the importance of long-term planning for achieving financial well-being and life goals.
Transfer payments
Direct payments from governments to other governments or to individuals; a mechanism for providing social security, income support, and alleviation of regional disparities.Inflation
A general rise in the price levels of an economy.Deflation
A general fall in the price levels of an economy.Balance of payments account
National account of international payments and receipts, divided into current account, and capital and financial account.