Economics Money Keywords

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  • Created by: Beswick26
  • Created on: 04-11-15 14:12
Needs
Things that are essential to our lives. Eg. food, water.
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Wants
Things we could survive without. Eg. Food
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Income
Total money received from a person's wages, salary, interest and dividends.
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Borrowing
Getting money from a lender that must be repayed in the future
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Savings
Putting money aside for later use
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Gaining employment
Being offered and accepting a paid job
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Promotion
A new, higher-paid job role involving greater responsibility and skill.
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Debt
The amount of money still owing from funds borrowed
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Unemployment
When an individual without a job is seeking paid employment or is unable to work.
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Retirement
When we cease to do paid employment
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Benefits
Regular payments from a government to support people in need
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Tax Credit
A state benefit paid to employees through the tax system which acts like a negative tax.
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Pensions
A benefit paid as of right to those of retirement age who have paid the minimum National Insurance contributions
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Taxes
A fee levied by the government on a product, income or activity
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Tax allowances
Sums deducted from total income before income tax is calculated.
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Scarcity
Resources are limited compared with our need and wants
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Choice
Deciding between diffferent options because our resources are limited.
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Basic Economic Problem
Resources are limited, but our needs and wants are infinite
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Resources
The land, labour, capital and enterprise used to produce goods and services.
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Opportunity Cost
Something given up when we make a choice.
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Benefits
The advantages of a particular choice
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Costs
The drawbacks of a particular choice.
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Demand
The quantity of a good or service that comsumers are willing and able to purchase at a particular price.
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Factors Affecting Demand
Things that cause consmers to but more or less of a product at a particular price.
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Markets
A market exists whenever buyers and sellers come together.
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Market Price
The price that buyers and sellers agree on for a particular good or service
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Competition
The process of trying to beat others, for example gain more customers.
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Bank/building society savings account
An account for which the main objective is to gain interest and keep money safe.
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Poss Office card account
Savings accoutn offered by the Post Office.
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ISA
Individual Savings account on which interest is tax free - you can only open 1 per financial year and the top amount is fixed.
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Interest Rate
An annual amount which is paid to savers and charged to borrowers.
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AER (Annual Equivalent Rate)
A figure quotes in savings ads to compare 1 savings service from another.
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Reward
The return received for taking risks
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Risk
The chance that something may not succeed and its consequence.
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Stock Market
The place where stocks, shares and bonds are traded.
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Shares
Certificate representing ownership of a unit in a company.
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Unit Trusts
A pooled investment fund usually in shares-based investments.
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Government Securities
Stocks, bonds and bills of exchange issued by the government to raise the funds.
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Loan
Amount of money borrowed.
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Term of loan
The length of time over which a loan can be repaid.
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APR (Annual Percentage Rate)
The interest rate published on loans to compare their true interest.
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Financial Planning
The process for ensuring financial goals are met.
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Budget
Financial plan of future income and spending
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Financial Adviser
A professional offering financial advice.
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Debt Management
Taking the help of an expert to help solve debt problems.
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Debt Management Plan
A structured repayment plan.
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Social, moral or ethical dilemma
A problem with no absolute solution.
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Ethics
The rights and wrongs of an issue.
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Ethical Lending Policy
A statement that loans will only be made to ethical and responsible borrowers.
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Opportunity Cost
Something that is given up when we make a choice
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Consumer
Someone who USES the product.
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Customer
Someone who BUYS the product
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Complements
Two goods which are separate and different but are used in conjunction with each other.
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Substitutes
Two goods that could be used for the same purpose.
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Other cards in this set

Card 2

Front

Things we could survive without. Eg. Food

Back

Wants

Card 3

Front

Total money received from a person's wages, salary, interest and dividends.

Back

Preview of the back of card 3

Card 4

Front

Getting money from a lender that must be repayed in the future

Back

Preview of the back of card 4

Card 5

Front

Putting money aside for later use

Back

Preview of the back of card 5
View more cards

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