Self-ownership: The concept that all humans “own” themselves, and they therefore have control over their body and life choices. Online dictionaries redirect to the word “ownership,” with self-ownership as a related form of the word. The term is most common in liberty focused political circles, but also has some importance in consumer health studies.
Bodily Autonomy: “The right to autonomy in making health decisions in general.” Although in most cases this is contextually used interchangeably with self-ownership, self-ownership is often more broadly due to its less specific political connections.
Consumption Smoothing: “The ways in which people try to optimize their lifetime standard of living by ensuring a proper balance of spending and saving during the different phases of their life.” This is an important concept for many to understand, because this is the justification for insurance. By spending a little bit every month, we can prevent part or all of the massive spending required during an emergency.