economics 0.0 / 5 ? EconomicsMoneyGCSEAQA Created by: SB1Created on: 04-11-15 14:24 personal lifecycle the econmic liofecycle 1 of 15 Childhood the first stage of the personal lifecycle (0-12 years old) 2 of 15 adolescence the second stage of the personal lifecycle (teenagers) 3 of 15 Young Adult the middle stage of the personal life cycle 4 of 15 Middle adult the penultimate stage of the personal lifecycle (middle aged) 5 of 15 Old Adult The final stage of the personal life cycle (old age) 6 of 15 income tota; money recieved from a persons wages/salary, interest and dividends 7 of 15 borrowing getting money from a lender that must be repaid in the future (eg: mortgage) 8 of 15 savings putting money aside for later use 9 of 15 needs they are essential to our lives 10 of 15 wants they are things wecould survive without 11 of 15 beneits regular payments from the government to support people in need 12 of 15 retirement when we cease to do paid employment 13 of 15 taxes a fee levied by a government on a product, income or activity 14 of 15 pensions a benefit paid s 15 of 15
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