Money

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What is income?
Income is the total money recieved from a persons wage/salary, interest and dividneds
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Name the 5 stages of the personal lifecycle
Childjood, Adolescence, Young Adult, Middle Adult, Old Adult
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Name 3 factors that affect demand
Could Have: How muh the product cost. Quality of the product. How the product in marketed. Target Market. Fashion. Competiton. Economic State
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Give an example of complements
Shampoo and Conditioner. petrol and Cars. Strawberries and Cream
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Give an example of substitutes
Butter and Margarine.
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if you borrow £1,000 for 6 months from a company that charges an interest rate of 10%, how much will you have to pay back?
£1050
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What is a benefit?
The advantages of a particular choice
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Name 3 benefits of demand to the customers
Lower prices, greater variety, better quality
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Give an example of an opportunity cost
Buying a car instead of going on holiday. Choosing a chocolate bar rather than sweets.
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Give 5 examples of ways to save
High street banks, online banks, post office card account, national savings/investments, ISA's, fixed term investment accounts, unit trusts
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Give some examples of fringe benefits
Company Car, Health Insurance, Free Food, Free Holidays, Discounts
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Who would you go to if you have a serious debt problem?
A Financial Advisor
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What's a budget?
A financial plan for future income and spending
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What does the law of demand state?
The quantity demanded for a good rises as the price falls, with all other things staying the same
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Card 2

Front

Name the 5 stages of the personal lifecycle

Back

Childjood, Adolescence, Young Adult, Middle Adult, Old Adult

Card 3

Front

Name 3 factors that affect demand

Back

Preview of the front of card 3

Card 4

Front

Give an example of complements

Back

Preview of the front of card 4

Card 5

Front

Give an example of substitutes

Back

Preview of the front of card 5
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