- key terms to understand the personal life cycle
- Income: total money recived from a persons salery interest and dividends
- Borrowing: getting money from a lender that must be repaid in the future.(e.g. a mortgage).
- Needs and wants: needs are essential to our lives but wants are things we could survive without
- leaving school, collage/university: when a person ceases to be in full time education and looks for employment.
- Gaining employment: being offered and accepting a paid job.
- Saving: putting money aside for late use
- Promotion: a new higher paid job role involving greater responsiblity and skill.
- debt: the amount still owing from funds borrowed
- Unemployment: when an individual without a job is seeking paid employment or is able to work
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