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53 Cards in this Set
- Front
- Back
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Personal lifecycle |
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Needs |
Essential to our lives |
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Wants |
Things we could survive without |
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Leaving school/college/university |
When a person ceases to be in full time education |
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Gaining employment |
Being offered and accepting a paid job |
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Promotion |
A new higher paid job role involving
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Debt |
The amount still owing from funds borrowed |
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Unemployment |
When an individual is
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Income |
Total money received from a lender that must be repaid in the future eg.
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Retirement |
When a person ceases to do paid employment |
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Benefits |
Regilar payments from a government to support people in need |
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Tax credit |
A state benefit paid to employees through the tax system, which acts like negstve tax |
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Pensions |
A benefit paid as of right to those of retirement age, who have paid the minimum National Insuurance contributions. |
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Taxes |
A fee levied by a government on
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Tax allowanes |
Sums deducted from income before income tax is calculated |
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Scarcity |
Resources are limited compared with our wants and needs |
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Choice |
Deciding between different options, because our resources are limited |
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Basic economic problem |
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Oppurtunity cost |
Something given up when we make a choice |
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Resources |
to produce goods and services |
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Benefits |
The particular advantages and strengths of a particular choice |
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Costs |
The expenses of a particular choice |
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Demand |
The quantity of a good consumers are willing to and able to purchase at a particular price |
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Factors affecting demand |
Things that cause consumers to buy more or less of a product at a given price |
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Supply |
The quantity of a good ore service that businesses will offer at a particular price |
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Markets |
Whenever buyers and sellers come together |
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Market price |
The price that buyers and sellers are aggree on for a good or service |
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Factors affecting supply |
Things that cause suppliers to offer more or lesss of a good or sevice at a particular price |
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Competition |
The process of trying to beat others |
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Savings account
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An account for which tohe main objective is to gain interst and keep money safe |
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Post Office card account |
Savings account offered by the Post Office |
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ISA (Individual Savings Account) |
Interest is tax-free |
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Interest rates |
An annual rate which is charged |
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NISA (New Individual Savings Account) |
Interest is tax-free |
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AER |
Annual Equivalent Rate A figure quoted to help people compare savings products |
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Risk |
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Reward |
The return received for taking risks |
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Stock market |
The place where
are traded |
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Shares |
Certificate representing a unit of ownership of a company |
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Unit trust |
A pooled investment fund usually in a shares-based invesment |
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Government securites (Gilts) |
issued by a government to raise funds |
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Borrowing/Debt/Credit |
Getting money from a lender that must be repaid in the future |
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Loan |
Ammount of money borrowed |
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Term of a loan |
The term over which the loan can be repaid |
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APR (Annual Percentage Rate) |
A figure quoted to help people compare loan products |
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Financial planning |
A process for ensuring that financial goals are met |
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Budget |
A financial plan of future income and spending |
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Financial adviser |
A professional aoffereing financial advice |
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Debt management |
Taking the help of an expert |
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Debt managemet plan |
A strutured repayment plan |
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dilemma |
A problem with no absolute right or wrong solution |
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Ethical lending policy |
A statement that loans will only be made to businesses that act in a socially reponsible manner |
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Ethics |
The rights and wrongs of an issue |
