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Values
Rank order of what's important, guiding principles of thought and behavior
Values as Morals
values in the context of religion
Family Values
selective, pertaining to certain family groups
(ex. homogamy)
the Value of Family
express external concepts, how larger social systems feel about family
values across lifespan
values develop slowly and resistant to change
attitudes
learned predispositions to respond in a consistently favorable or unfavorable manner to any given object
selective interpretation
understanding of certain information in ways that are favorable to the individual
selective memory
purposeful retrieval of information while ignoring other details that don't match the attitude/behavior
self-perception theory
develops attitudes by observing own behavior and concluding what attitude must have caused it, we learn about attitudes by observing our behaviors
cognitive dissonance theory
bring attitudes into alignment with behaviors when the disconnect causes personal discomfort
filter bubble
person's own unique information stored online, it depends on what you do and how you spend your time on the Internet
economics
study of how resources are expanded to fulfill the needs/wants of individuals
supply
amount of something available for use, controllable
demand
amount of something wanted at a specific price and time, fluctuates
(Shortages occur when demand is underestimates, surplus when overestimated)
pricing
providers determine price, increases as a result to demand
unemployment: frictional
workers leave one job to look for another
unemployment: cyclical
workers are without jobs because demand has dropped, the economy is negative, or business is restructuring
unemployment: structural
changes in economy bring about a loss of demand for certain types of jobs
inflation
a general increase in prices and fall in the purchasing value of money
An economy with an inflation rate of 2-3% per year is not problematic
Impacts some groups more than others
federal taxes
income tax, social security, and Medicare, used to finance government initiatives, deduction based on W-4
state/local taxes
pre-pay liability based on W-4, may also tax personal property, usually paid annually, have sales tax, tourism tax, fat tax, funds go to local improvements
social welfare programs: universal
available to everyone (social security), generally no stigma, tend to improve with time
social welfare programs: means-tested
eligibility criteria to receive benefits, paid from general tax revenue, lots of stigma
social welfare programs: concrete goods/services
tangible, lower income groups, food subsidies
Soft goods/services - intangible, higher income groups, counseling, mental health support, social welfare to support higher education
social welfare programs: social security
retirement benefit, disability benefit, survivor benefit
social welfare programs: medicare
federal health insurance program for 65+ that provides almost universal health coverage, taxed evenly across incomes
social welfare programs: medicaid
health coverage to 50+ million kids/families/pregnant women/elderly/disabled, not universal
social welfare programs: unemployment insurance
paid when jobless through no fault of own, must met certain criteria like actively looking for a job
Department of Health and Human Services
finance programs focuses on disease, safety, disasters, child and family care, and aging services
Department of Agriculture
food assistance programs (food stamps)
Food and Drug Administration
product safety, food labeling
Bureau of Consumer Production
provides consumer protection against unfair, deceptive, or fraudulent practices
goals
An end one tries to attain: short term, intermediate, long term
objective
specific subset of goals, measures progress toward goal
standards
perceived acceptable levels of adequacy, develop slowly over time
directional plan
move people toward completion of a goal
adaptive plan
flexible
contingency plan
alternative plans created simultaneously with original plan
proactive and emergency action plan
avoid surprises/crises
reactive plan
spontaneous w/o forethought
strategic plan
incorporates directional, contingency, and proactive planning
family plan schedule
who is required to be where, when, and how often?
family plan budgeting
income, expenses
Family Financial Planning Stage 1: Early Adulthood to Middle Age
Relationship/family choices
Planning career
Make future goals, begin saving for long-term
Family Financial Planning Stage 2: Pre-Retirement
Evaluate/adjust retirement and insurance plans
Establish living plan
Family Financial Planning Stage 3: Retirement
Reap retirement finances accumulated
Adjust to family/contextual changes
Consider eligibility to social/public program benefits
Note 
Flashcard (26)