Understanding the personal life cycle.
- Created by: sam bailey
- Created on: 29-11-12 09:20
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- Understanding the personal life cycle.
- 1.1 The personal Life cycle
- Key terms
- Income: total money recieved from a person's wages/salary, interest and dividends.
- Borrowing: getting money from lender that must be repaid in the furture(e.g a mortgage)
- savings: putting money aside for later use.
- needs and wants: needs are essentials to our lives but wants are things we could survive without
- leaving school, college/university: when a person ceases to be in full time education and looks for employment.
- Gaining employment: being offered and accepting a paid job.
- Key terms
- 1.2 Making Decisions
- Key Terms
- scarcity: resources are limited compared with our needs and wants.
- basic economic problem: resources are limited but needs and are infinate.
- basic economic problem: resources are limited but 'needs' and 'wants' are infinite
- choice: deciding between different options becuase our resources are limited.
- resources: the land, labour, capital and enterprise used to produce goods and service.
- Opportunity cost: something given up when we make a choice. For example you go to the cinema instead of saving your money.
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- Key Terms
- 1.3 Choosing to spend
- factors affecting demand: things that cause consumers to buy more or less of a product at a given price.
- 1.4 Choosing to save
- 1.5 Choosing to borrow money
- 1.6 Managing your money
- 1.1 The personal Life cycle
- choice: deciding between different options becuase our resources are limited.
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