A cycle of someone's life showing how needs & wants change
1 of 35
Need
Essential items for living
2 of 35
Want
Items that aren't necessary to live
3 of 35
Basic Economic Problem
Infinite wants, but limited resources
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Opportunity Cost
The cost of giving up something when making a choice
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Interest Rate
An annual % rate that's charged to borrowers & paid to savers
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Budgeting
A way to manage money by listing your incomes & outgoings
7 of 35
Risk
A chance something won't succeed
8 of 35
Reward
The return recovered for taking a risk
9 of 35
APR
Interest rate published on loans
10 of 35
AER
A figure quoted in saving ads to help compare one saving to another
11 of 35
Specialisation
The division of labour where employees work on smaller aspects of the work
12 of 35
Salary
The amount someone is paid over a year
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Wage
The rate at which someon is paid over an hour, week or month
14 of 35
Comission
A payment made to workers for achieving a certain target
15 of 35
Overtime Payment
Money given to employees who work past their set hours
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Fringe benefits
An item (such as a company car) used to pay an employee instead of money
17 of 35
Bonus
Extra money given for a good performance at work
18 of 35
Gross Pay
The amount earned before tax
19 of 35
Net Pay
The amount earned after tax deductions
20 of 35
Tax Allowance
The amount of your income that is tax free
21 of 35
Exchange Rates
The rate at which one currency exchanges for another
22 of 35
Globalisation
The increase in global trade & Americanisation
23 of 35
Points System
A method to regulate migration by people scoring points based on their skills
24 of 35
SAWS (Seasonal agricultural workers schemes)
Allows farmers to bring in foreign workers to do seasonal agricultural work
25 of 35
Immigration
Migration into a country
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Emigration
Leaving a country to another
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Fairtrade
A scheme that gives more money to the producers
28 of 35
Primary Sector
The sector that involves acquiring raw materials (E.g: oil,coal)
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Secondary Sector
The Sector that involves the manufacturing & assembly process by converting raw materials into components (E.g: building a house, Turning oil into plastic)
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Tertiary Sector
The Sector that involves the commercial service that helps with the production & distribution process (E.g: transport)
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Tax Code
A code which related to different amount of tax-free allowance each worker has
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Pay As You Earn (PAYE)
Tax is deducted by the mployer before income is paid
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Self Assessment (SA)
For those self employed, they Payments their own tax
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National Insurance
A deduction that entitles the person Tom certain benefits & state pension
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Other cards in this set
Card 2
Front
Essential items for living
Back
Need
Card 3
Front
Items that aren't necessary to live
Back
Card 4
Front
Infinite wants, but limited resources
Back
Card 5
Front
The cost of giving up something when making a choice
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