Matching Pairs Resources and Choices Online version Using 4-1 Resources and Choices section of the text book match the key words to the correct definitions. by Jeni Garcia 1 Trade off 2 Opportunity cost 3 Net worth 4 Assets 5 Cash inflows 6 Needs 7 Wants 8 Financial resources 9 Cash outflows 10 Liabilities Debts that you owe Things needed for survival, such as food, clothing, water, shelter and medical care Money and other items of value that are used to acquire goods and services Things people desire for reasons beyond basic comfort and survival Giving up one item for another The difference between your assets and liabilities Expenses or other items for which you must spend money. Income from your job, investments and other sources The value of your next best option - what you are giving up. Money and items of value that you own.