Unit 2: Financial Capability for the Medium and Long Term - Topic 1

?
Jo would love to travel to China in a few years' time. This is an example of:
Aspirations are hopes for the future. They are the items or experiences that people wish to have in the medium-term or long-term future.
1 of 13
An example of a 'want' for a toddler as opposed to a 'need' is:
Whereas food and shelter are necessary for survival, attention is desirable, but not essential, and therefore is classified as a 'want'.
2 of 13
Wants are...
Wants are optional 'nice-to-haves' in comparison to needs, which are essential, and aspirations, which reflect our hopes for the future.
3 of 13
Needs do not change much over the life cycle.
This statement is true. Our basic needs of food, shelter, warmth and safety are constant throughout our lives.
4 of 13
External factors that can influence the things that you want include:
External factors are things that are not within your control. Advertising is an example of this.
5 of 13
Promotion is marketing that is:
Promotion refers to paid-for marketing activities, including advertising.
6 of 13
Celebrities are paid to make adverts because:
For example, company magazines may interview celebrities who are admired by the people that the company wants to attract as customers.
7 of 13
Values are more specific and detailed than beliefs.
Values are general feelings or thoughts about desirable behaviour and goals, whereas beliefs are more specific and detailed.
8 of 13
PR is that part of marketing that is…
PR is that part of promotion in which the entire message is implicit. For example, magazine photos showing a celebrity carrying a sports bag with a bank’s logo written on it can have a much greater impact than an overt advert.
9 of 13
Our peers are:
Our peers are our equals ie people in the same position as us. For example, schoolmates are the peers of someone who is still at school.
10 of 13
Home ownership is not the culture in all countries.
Whilst there is a strong culture of home ownership in the UK, the same cannot be said of every country, for example in Germany renting is the norm.
11 of 13
An example of an expectation-led event would be if people expected share prices to fall and then:
Expectations can be self-fulfilling. For example, if people expect a share price to fall, they will start to sell the shares – as a result, the price will fall.
12 of 13
Sorting what you need to spend your money on by what is most important is called:
Since nobody can afford to buy everything they need, want or aspire to, they have to make a choice between alternatives. This means they must decide on their priorities.
13 of 13

Other cards in this set

Card 2

Front

An example of a 'want' for a toddler as opposed to a 'need' is:

Back

Whereas food and shelter are necessary for survival, attention is desirable, but not essential, and therefore is classified as a 'want'.

Card 3

Front

Wants are...

Back

Preview of the front of card 3

Card 4

Front

Needs do not change much over the life cycle.

Back

Preview of the front of card 4

Card 5

Front

External factors that can influence the things that you want include:

Back

Preview of the front of card 5
View more cards

Comments

No comments have yet been made

Similar Other resources:

OB
See all Other resources »See all IFS Finance Unit 2 resources »