List and Briefly Describe the Components of a Financial Planning

question 45

Essay

List and briefly describe the components of a financial planning model.

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Definitions:

Non-zero-sum Game

A scenario in game theory where the sum of outcomes for all players does not equal zero, allowing for mutual benefit or loss.

Equity Game

A scenario or experiment in psychology and economics that studies people's concepts of fairness and distribution of resources.

Moral Dilemmas

Situations in which a person must choose between two or more actions, each of which is morally demanding or where the right course of action is not immediately clear.

Moral Intuitions

Judgments (about whether an action is right or wrong) that occur automatically and rely on emotional feelings.