key terms to understand the personal life cycle


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  • Created by: callum
  • Created on: 29-11-12 09:32
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  • 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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