COMM 119 Chapter Notes - Chapter 11: Practical Action, Opportunity Cost, Credit Risk

• School: U of S
• Department: Commerce
• Course: COMM 119
• Professor: Brooke Klassen; Noreen Mahoney;

Document Summary

Thinking analytically, creatively, and practically can help relieve money-related stress and increase control. Many factors affect how you manage money (ex. Managing money isn"t just about math and the numbers. Determine what your needs and wants are so you can effectively think through spending decisions. Make sure to satisfy needs first, then see how much money is left over for wants. Every hour you work as a value (ex. /hour), consider how to exchange those hours for what matters most to you (working 20 hours for a phone - is it worth it?) Going to university/college costs more hours of work than almost anything else you could purchase, it takes away all the hours you could"ve spent earning money. Opportunity cost - what you give up to get something. Budget - a plan to coordinate resources and expenditures; a set of goals regarding money. Analyze the difference between resources (money coming in) and expenditures (money flowing.