Economics Unit 1 - 1.1

Economics Unit 1 - 1.1

1. 1.1 - Understanding the Personal Life Cycle KEY WORDS

   • Income
     • Total money received from a person's wages/salary, interest and dividends
   • Borrowing
     • Getting money from lender that must be repaid in the future (e.g. a mortgage)
   • Savings
     • Putting money aside for later use
   • Needs and wants
     • Needs are essential to our lives but wants are things we could survive without
   • Leaving school, college/university
     • When a person ceases to be in full-time education and looks for employment
   • Gaining Employment
     • Being offered and accepting a paid job
   • Promotion
     • A new higher-paid job role involving greater responsibility and skill
   • Debt
     • The amount still owing from funds borrowed
   • Unemployment
     • When an individual without a job is seeking paid employment or is able to work

2. PERSONAL LIFE CYCLE

   • Childhood (0-12)
     • Adolescence (teenagers)
       • Young adult
         • Middle adult (or middle age)
           • Late adult (or old age)