Needs would be defined as goods or services that are required.
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Give three examples of basic needs?
This would include the needs for food, clothing, shelter and health care
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Define “wants”?
To have a desire to possess or do something.
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What has to be met first before “wants” can be fulfilled?
your needs
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What are needs and wants related to?
Your personal plan
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Define “aspirations”?
Something your going to save for. A future goal. E,g, a holiday
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Independence is an aspiration for which life cycle stage?
teen
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Material luxuries are an aspiration for which life cycle stage?
Middle age to late middle age
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1.Name four factors which influence needs and wants as people move from childhood into adulthood?
The adults are no longer dependant on others and have to provide for their own needs and wants and possibly others too.
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How is an investment different from a long term saving?
Investing is buying assets such as stocks or bonds with the expectation that your investment will make you money. Investments are selected to achieve long-term goals. While a long term saving is saving money over period of time to afford a hoilday
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Why might a parent save money in an investment scheme?
To leave more money for their kids in the future.
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What is the purpose of a pension?
So when you retire you will still have an income to survive off of.
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Give two examples of longer term borrowing?
bonds, these are generally issued to the public and payable over the course of serveral years, and post retirement healthcare liabilities.
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Define “values”?
General feelings or beliefs about desirable behaviour
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What are the two functions values fulfil?
They help people distinguish between what they consider to be needs and what they consider to be wants. They also help people plan their finances
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Define “beliefs”?, “absolute beliefs” and “causal beliefs”?
More specific and detailed than values
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Define “attitudes”?
How people feel about another person, event or issue
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How can attitudes be changed?
Circumstances, events and experiences
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Define “risk”?
situation involving exposure to danger
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Define “perceptions”?
awareness of something through the senses
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Define “preferences”?
a greater liking for one alternative over another or others
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Name three major external factors which a person has no control over?
Death, medical emergency, something happening to your house
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Define marketing?
the action or business of promoting and selling products or services, including market research and advertising.
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How is marketing subdivided?
Promotion or public relations
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Other cards in this set
Card 2
Front
Give three examples of basic needs?
Back
This would include the needs for food, clothing, shelter and health care
Card 3
Front
Define “wants”?
Back
Card 4
Front
What has to be met first before “wants” can be fulfilled?
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