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Final answer:
Risk represents the likelihood of negative outcomes, opportunity cost refers to the cost of choosing one option over another, and a budget is an organized plan of income and expenses.
Explanation:
Risk: The likelihood of something bad happening. In finance, risk can be associated with the dispersion in possible outcomes, indicating higher risk with greater dispersion.
Opportunity Cost: The cost of choosing one alternative over another. For example, when deciding to invest in stocks, the opportunity cost may be the potential return on bonds foregone.
Budget: An itemized plan of income and expenses for a specific period. Budgeting helps individuals or entities balance their available resources with expenses.
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