economics unit 11 chapter 1

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  • Created by: shomouk
  • Created on: 16-05-14 12:19
factors that effect spending
1.income level 2.fashion 3.loyalty and advertisements 4.price of substitutes
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factors affecting supply and how much businesses charge
1.cost of raw material 2.wage rates 3.productivity of the
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why do market prices change ?
1. (consumers )willing to spend 2.(businesses) need to cover costs 3.supply and demand
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how do businesses compete
1.advertising and branding 2.improving quality 3.chaning the design and features 4.lowering the price by improving production methods
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consumers benefit from competition
1.high quality 2.low prices 3.greater variety
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consumers disadvantage of competition
1.low quality 2.bad after sales service
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why do people save
1.for emergency 2.for a big event or object 3.for retirement
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methods of saving
1.high street banks 2.internet banks 3.national savings 4.post office card account
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different types of saving accounts
1.savings accounts 2.ISA accounts 3.Unit trusts 4.National savings and investments account
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how to compare savings accounts
1.reward 2.risk 3.ease of withdrawing money
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riskier but potentially higher-return methods
1.shares 1.unit trusts 3.government securities
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why do people people
1.to make large purchases 2.can repaid over a period of time 3.if there are no savings for essentials
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methods of borrowing
1.mortgage 2.credit card 3.store card 4.personal loan 5.hire purchase 6.overfraft
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why financial planning
so you wont over spend and fall in debt
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benefits of budgeting
1.dont over spend 2.can save for later use 3.pay back all debts efficiently
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ethical issues to do with saving
banks use peoples savings to finance their lending -save with the one offering highest reward or the one with ethical lending policy ......shares to put in a ethical company or polluting and child labour one
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ethical issues to do with borrowing
1.will you be able to repay 2.from who to borrow
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Card 2

Front

factors affecting supply and how much businesses charge

Back

1.cost of raw material 2.wage rates 3.productivity of the

Card 3

Front

why do market prices change ?

Back

Preview of the front of card 3

Card 4

Front

how do businesses compete

Back

Preview of the front of card 4

Card 5

Front

consumers benefit from competition

Back

Preview of the front of card 5
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