Personal Life Cycle
Stage Name: Likely milestones: Typical sources of income: How might government affect income:
Childhood Learning to talk/walk. Parents. VAT.
Teenagers Starting education/ secondary school. Parents/part-time job. VAT.
Young Adult Flat/rent, university, job. Job. Uni fee/ taxes/ VAT.
Middle Adult Own house/ children/ promotion. Job. Child tax/ credit/ personal tax allowance/ VAT.
Late Adult(Old Age) Retire/ pention. Pension. Pension/ VAT.
Personal Life Cycle: The stages everyone passes through from birth to death. Our wants change as we pass different stages of the Personal Life Cycle.
Milestones: Important events in the Personal Life Cycle.
Income: Total money received from a person's wages/salary, interest and dividends.
Needs and wants: needs are essential to our lifes but wants are things we could survive without.
Retirement: When we cease to do paid employment.
Pensions: a benefit paid as of right to those of retirement age who have paid the minimum National Insurance contributions.
Taxes: A fee levied by a government on a product, income or activity.
Benefits: Regular payments from the government to support people in need.
Part-time job/work: This refers to a worker who only works a fraction of the working week of a full-time employee.
Employee: The person who is working for the business.
Full-time job/work: A worker who works the maximum number of hours required in the normal working week for a paticular job.
Leaving school/ college/ univesity: When a person ceases to be in full-time education and looks for employment.
Gaining employment: Being offered and accepting a paid job.
Promotion: A new higher-paid job role involving greater resonsibility 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.
Borrowing: Getting money from a lender that must be repaid in the future(e.g mortgage).
Saving: Putting money aside for later use.
Tax credit: A state benefit paid to employees through the tax system, which acts like a negative tax.
Tas allowances: Sums deducted from total income before income tax is calculated.
Inflation: The rate at which the general level of prices for goods and services is rising.
Opportunity cost: Is something that we give up when we make a choice.
(Choice) Cost: The…