Term Answer Description Standard of Living A. The irregularly occurring pattern of economic activity generally depicted as an undulating wave of expansion, peak, contraction, and trough. Business Cycle B. The act of evaluating two things, selecting between them, and giving up one thing for another. Interest C. The price of borrowed money. Inflation D. The term used to describe the tax rate applied to the last dollar of income earned. Marginal Tax Rate E. This phenomenon is measured by the changing cost over time of a "market basket" of goods and services that a typical household might purchase. F. Time Value of Money An investment professional who evaluates the personal finances of an individual or a family and recommends strategies to set and achieve their long-term financial goals. Opportunity Cost G. The material well-being and peace of mind that individuals and groups desire and seek to attain, to maintain if attained, to preserve if threatened, and to regain if lost. Trade-off H. Compensation received in return for an employee's work effort that does not take the form of wages, salary, commissions, or other cash payments. Financial Planner I. The value of the next best alternative given up in a trade-off. Employee Benefit J. The concept maintaining that a dollar in your pocket today is worth more than a dollar that won't be placed in your pocket until some time in the future