The equation for wealth is
assets - liabilities
the net amount of financial value a person has after subtracting liabilities
net worth
Savers have
future time preferences
A/an is the cost of something, or the amount of money a person has to pay to get or do something
expense
is the amount of money that is paid in exchange for using someone else's money
interest
what are two types of traditional financial institutions
banks and credit unions
Alternative financial institutions
check cashers, currency exchanges, and payday lenders
inflation is
an economic process in which the price of goods and service rises over time
is a form of online, encrypted currency that is not connected to a bank account or credit card and allows users to make purchases anonymously
cryptocurrency
when choosing a savings tool, it is important to consider how quickly the money can be accessed if you need it, otherwise known as
liquidity
addresses consumers' needs and communicates retailers' rules regarding issues like refunds, returns, and replacements
customer service
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