Economics: Year 10 - Money Vocabulary
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- Created by: WBAudis
- Created on: 04-11-15 14:24
Income
Total money recieved from a person's wages/salary, interest and dividends.
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Borrowing
Geting money from a lender that must be repaid in the future (e.g. a mortgage).
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Savings
Putting money aside for later use.
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Needs and wants.
Needs are essential to our lives but wants are things we could survive without.
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Leaving school, college/univeristy.
When a person ceases to be in full-time education and looks for employment.
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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 still owing from funds borrowed.
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Unemployment
When an individual without a job is seeking paid employment 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 neagtive 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 a 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
Resoucrs are limited compared with our 'needs' and 'wants.
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Choice
Deciding between different options because our resources are limited.
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Oppurtunity 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 expenses and drawbacks of a particular choice.
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Demand
The quantity og a good or service that consumers are willing and able to purchase at a particular price.
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Factors affecting demand.
Things that cause consumers to buy more or less of a products at a given price.
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Supply
The quantity of a good or service that businesses will offer for sale at a particular price.
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Factors affecting supply.
Things that cause suppliers to offer more of less of a good or service at a particular price.
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Markets
A merket exists whenever buyers and sellers come together.
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Market price
The price that buyers and sellers agree on for a particuar good of service.
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Competition
The process of trying to beat others (e.g. trying to 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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Post Office card account
Savings account offered by the Post Office.
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ISA
Individual Savings Acount on which interest is tax free.
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Interest rates
An annual rate which is charged to borrowers or paid to savers.
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Annual Equivalent Rate (AER)
A figure quoted in savings advertisments to help people compare one savings product with another.
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Reward
The return recieved 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 a unit of ownership 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 a government to raise the funds.
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Borrowing/debt/credit
Getting money from a lender that must be repaid in the future (e.g. a mortgage).
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Loan
Amount of money borrowed.
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Term of a loan
The length of time over which the loan can be repaid.
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Annual Percentage Rate (APR)
The interest rate published on loans to help compare their true costs.
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Financial planning
A process for ensuring that financial goals are met.
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Budget
A financial plan of future income and spending.
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Financial advisor
A professional offering financial advice.
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Debt managment
Taking the help of an expert to solve a debt problem.
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Social, moral or ethical dilemma
A problem with no absolute right or wrong solution.
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Ethical lending policy
A statement that laons will only be made to businesses that act in a socially responsible manner.
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Ethics
The 'rights' and 'wrongs' of an issue.
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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
Card 4
Front
Needs are essential to our lives but wants are things we could survive without.
Back
Card 5
Front
When a person ceases to be in full-time education and looks for employment.
Back
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