Economics: Year 10 - Money Vocabulary

HideShow resource information
  • Created by: WBAudis
  • Created on: 04-11-15 14:24
Income
Total money recieved from a person's wages/salary, interest and dividends.
1 of 49
Borrowing
Geting money from a lender that must be repaid in the future (e.g. a mortgage).
2 of 49
Savings
Putting money aside for later use.
3 of 49
Needs and wants.
Needs are essential to our lives but wants are things we could survive without.
4 of 49
Leaving school, college/univeristy.
When a person ceases to be in full-time education and looks for employment.
5 of 49
Gaining employment.
Being offered and accepting a paid job.
6 of 49
Promotion
A new higher-paid job role involving greater responsibility and skill.
7 of 49
Debt
The amount still owing from funds borrowed.
8 of 49
Unemployment
When an individual without a job is seeking paid employment is unable to work.
9 of 49
Retirement
When we cease to do paid employment.
10 of 49
Benefits
Regular payments from a government to support people in need.
11 of 49
Tax credit
A state benefit paid to employees through the tax system, which acts like a neagtive tax.
12 of 49
Pensions
A benefit paid as of right to those of retirement age who have paid the minimum National Insurance contributions.
13 of 49
Taxes
A fee levied by a government on a product, income or activity.
14 of 49
Tax allowances
Sums deducted from total income before income tax is calculated.
15 of 49
Scarcity
Resoucrs are limited compared with our 'needs' and 'wants.
16 of 49
Choice
Deciding between different options because our resources are limited.
17 of 49
Oppurtunity cost
Something given up when we make a choice.
18 of 49
Benefits
The advantages of a particular choice.
19 of 49
Costs
The expenses and drawbacks of a particular choice.
20 of 49
Demand
The quantity og a good or service that consumers are willing and able to purchase at a particular price.
21 of 49
Factors affecting demand.
Things that cause consumers to buy more or less of a products at a given price.
22 of 49
Supply
The quantity of a good or service that businesses will offer for sale at a particular price.
23 of 49
Factors affecting supply.
Things that cause suppliers to offer more of less of a good or service at a particular price.
24 of 49
Markets
A merket exists whenever buyers and sellers come together.
25 of 49
Market price
The price that buyers and sellers agree on for a particuar good of service.
26 of 49
Competition
The process of trying to beat others (e.g. trying to gain more customers).
27 of 49
Bank/building society savings account
An account for which the main objective is to gain interest and keep money safe.
28 of 49
Post Office card account
Savings account offered by the Post Office.
29 of 49
ISA
Individual Savings Acount on which interest is tax free.
30 of 49
Interest rates
An annual rate which is charged to borrowers or paid to savers.
31 of 49
Annual Equivalent Rate (AER)
A figure quoted in savings advertisments to help people compare one savings product with another.
32 of 49
Reward
The return recieved for taking risks.
33 of 49
Risk
The chance that something may not succeed and its consequence.
34 of 49
Stock market
The place where stocks, shares and bonds are traded.
35 of 49
Shares
Certificate representing a unit of ownership in a company.
36 of 49
Unit trusts
A pooled investment fund usually in shares-based investments.
37 of 49
Government securities
Stocks, bonds and bills of exchange issued by a government to raise the funds.
38 of 49
Borrowing/debt/credit
Getting money from a lender that must be repaid in the future (e.g. a mortgage).
39 of 49
Loan
Amount of money borrowed.
40 of 49
Term of a loan
The length of time over which the loan can be repaid.
41 of 49
Annual Percentage Rate (APR)
The interest rate published on loans to help compare their true costs.
42 of 49
Financial planning
A process for ensuring that financial goals are met.
43 of 49
Budget
A financial plan of future income and spending.
44 of 49
Financial advisor
A professional offering financial advice.
45 of 49
Debt managment
Taking the help of an expert to solve a debt problem.
46 of 49
Social, moral or ethical dilemma
A problem with no absolute right or wrong solution.
47 of 49
Ethical lending policy
A statement that laons will only be made to businesses that act in a socially responsible manner.
48 of 49
Ethics
The 'rights' and 'wrongs' of an issue.
49 of 49

Other cards in this set

Card 2

Front

Geting money from a lender that must be repaid in the future (e.g. a mortgage).

Back

Borrowing

Card 3

Front

Putting money aside for later use.

Back

Preview of the back of card 3

Card 4

Front

Needs are essential to our lives but wants are things we could survive without.

Back

Preview of the back of card 4

Card 5

Front

When a person ceases to be in full-time education and looks for employment.

Back

Preview of the back of card 5
View more cards

Comments

No comments have yet been made

Similar Economics resources:

See all Economics resources »See all Money resources »