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Economics Money Revision

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Flashcards on Economics Money Revision, created by venkatanarayanan on 02/17/2016.
venkatanarayanan
Flashcards by venkatanarayanan, updated more than 1 year ago
venkatanarayanan
Created by venkatanarayanan over 6 years ago
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Resource summary

Question Answer
What is the personal life cycle?
What are needs and wants? .
Why are there changes in income? .
Key milestones in the personal life cycle: Leaving school .
Key milestones in the personal life cycle: Gaining employment .
Key milestones in the personal life cycle: Promotion .
Key milestones in the personal life cycle: Unemployment .
What is the definition of income? .
What is the definition of borrowing? .
What is the definition of savings? .
What is the definition of debt? .
What is the definition of unemployment? .
How does the government affects stages of the personal life cycle? .
What is the definition of benefits? .
What is the definition of tax credit? .
What is the definition of pensions? .
What is the definition of taxes? .
What is the definition of tax allowance? .
What is scarcity and the basic economic problem? .
What are costs and benefits? .
How does demand change over the personal life cycle? .
What is the definition of scarcity? .
What is the definition of choice? .
What is the definition of resources? .
What is the definition of opportunity cost? .
What is the definition of benefits? .
What is the definition of costs? .
What is the definition of demand? .
What are the factors that affect spending? .
What is the part played by businesses- 'supply' .
What are markets and why do market prices change? .
What is competition? .
How do consumers benefit from competition? .
Why do people save? .
What are different methods of saving .
What are the different types of accounts within each of the main savings institutions? .
What is the definition of a bank/building society savings account? .
What is the definition of post office card account? .
What is the definition of an ISA? .
What are interest rates? .
What are savings accounts? .
What is the annual equivalent rate (AER)? .
What is risk and reward? .
What are shares? .
What are unit trusts? .
What are Gilts (government securities) .
Why do we borrow? .
Methods of borrowing: Mortgage .
Methods of borrowing: Credit card .
Methods of borrowing: Store card .
Methods of borrowing: Personal loan .
Methods of borrowing: hire purchase .
Methods of borrowing: overdraft .
What are interest rates? .
What is APR (Annual percentage rate)? .
What is financial planning and budgeting? .
What happens if you do not make effective financial plans? .
What are ethical issues to do with saving? .
What are ethical issues to do with borrowing? .
What is the definition of financial planning? .
What is the definition of budget? .
What is the definition of financial adviser? .
What is the definition of debt management? .
What is definition of debt management plan? .
What is the definition of an ethical lending policy? .
What is the definition of ethics? .
What is the ethical issues to do with borrowing? .
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