A fee paid by a borrower to the lender for the use of borrowed money
interest
A system by which goods and services are produced and distributed
economy
The knowledge and skillset necessary to be an informed consumer
financial literacy
All the decisions and activities of an individual regarding spending, savings, etc.
personal finance
A period of economic decline during which trade and industrial activity are reduced
recession
The granting of a loan and the creation of debt
credit
A debt evidenced by a note which specifies the principal amount, interest, and date or repayment
loan
A person or business that offers loans at extremely high interest rates
loan shark
An obligation of repayment owed by one party to a second party
debt
A person or organization that uses a product or service
consumer
Personal finance is a result of:
managing behavior
Which is not a key component of financial planning
planner to make money decisions