Understanding the personal life cycle.

HideShow resource information
View mindmap
  • 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.
    • 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.
          • Untitled
    • 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
  • choice: deciding between different options becuase our resources are limited.

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all resources »