Economics Revision

Income

The total amount of money recieved from a persons wages or salary, interests or allowances.

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Borrowing

Recieving money from a lender that needs to be repaid in the future.

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Savings

Putting money aside for later use.

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Needs and Wants

Needs - Something you require that is essential Wants - Something you desire but is not essential

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Leaving school, college or university

When a person ceases to be in full-time education and seeks employment

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Recieving money from a lender that needs to be repaid in the future.

Borrowing

Putting money aside for later use.

Needs - Something you require that is essential Wants - Something you desire but is not essential

When a person ceases to be in full-time education and seeks employment

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