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Definition of Personal Finance: What is Personal Finance? (Defined)

Questions in personal finance revolve around:

  1. How much money is needed by a person (or a family), and when?
  2. Where will this money come, and how?
  3. How to protect against unforeseen personal events, as well as in the external economy?
  4. How can family assets be best transferred across generations (bequests and inheritance)?
  5. How does the tax policy (tax subsidies or penalties) affect personal financial decisions?
  6. How does affect the individual financial capacity?
  7. How can you for a secure financial future in an environment of economic instability?

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Supply demand curve: right shift demand

With supply staying still and demand increasing (right shifting), both the price and quantity supplied are elevated. This is one of the most fundamental and classic graphs in Economics.

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Heat Map of Worldwide GDP Real Growth Rate 2007

Heat Map of Worldwide GDP Real Growth Rate 2007

Data source: 2007 CIA World Fact Book

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Heat Map of Worldwide GDP (PPP) Per Capita 2008

Heat Map of Worldwide GDP (PPP) Per Capita 2008

Data source: 2008 CIA World Fact Book

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Law of Diminishing Marginal Utility

Law of Diminishing Marginal Utility

Q – quantity of good
TU – total utility
MU – marginal utility (ΔTU)

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The Macroeconomics Circulation Flowchart

From a macroeconomic perspective, households, government and firms (corporations) are the 3 fundamental players of money and resources. This flowchart diagram below illustrates how they interact and exchange resources.

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Circular flow of income

Firms and households interact and exchange resources in the big Circular Flow of Income illustrated by the diagram below.

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2007 GDP Nominal Per Capita World Map (IMF)

2007 GDP Nominal Per Capita World Map

Data source: International Monetary Fund

2007 GDP Nominal Per Capita World Map (IMF)

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