What is a standard of living? What factors affect the quality of life?
Answer to relevant QuestionsWhat is average propensity to consume? Is it possible for two people with very different incomes to have the same average propensity to consume? Why?Distinguish between long-term, intermediate, and short-term financial goals. Give examples of each.Discuss the following statement: “The interactions among government, business, and consumers determine the environment in which personal financial plans must be made.”Summarize current and projected trends in the economy with regard to GDP growth, unemployment, and inflation. How should you use this information to make personal financial and career planning decisions?Describe the balance sheet, its components, and how you would use it in personal financial planning. Differentiate between investments and real and personal property.
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