Money

taylorce11
Mind Map by taylorce11, updated more than 1 year ago
taylorce11
Created by taylorce11 over 6 years ago
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Description

GCSE RS Mind Map on Money, created by taylorce11 on 05/21/2015.

Resource summary

Money
  1. The personal life cycle
    1. Childhood
      1. Expenditure: Sweets, Choc, Toys
        1. Savings: Saving account
        2. Teenagers
          1. Expenditure: Clothes, Phone, bags etc
            1. Savings: Debit card, savings acount
            2. Young adult
              1. Expenditure: Insurance, cars, tax, rent, bills, uni, food
                1. Savings: Debit card, savings account
                  1. Debt: University bills
                  2. Middle adult
                    1. Expenditure: Insurance, car, tax, mortgage, food etc.
                      1. Savings: Saving for a pension
                        1. Debt: Mortgage
                        2. Late adult
                          1. Expenditure: Food, care, homes, holidays
                            1. Savings: Pension
                          2. Opportunity cost: The benefit lost and the next best opportunity/alternative forgone
                            1. E.g. Not buying some shoes in order to have a night out
                            2. The economic problem: The idea that resources are scarce and that wants are infinite, therefore there are not enough resources to satisfy everyone's needs and wants
                              1. Demand and supply
                                1. High supply and low demand means lower prices
                                  1. Low supply and high demand means higher prices
                                  2. Market demand: The total quantity demanded in the market equals the sum of the quantities demanded by each person in the market at a given price
                                    1. Buyers demand goods from the market whilst sellers supply goods to the market
                                      1. Demand: The quantity of goods and services that will be bought at any given price over a period of time
                                        1. Effective Demand: Must be willing AND able to pay for a good/service
                                        2. Borrowing: Means getting money from a lender that must be repaid in the future from earnings over a period of time
                                          1. Term of a loan: Time over which the loan needs to be repaid
                                            1. Methods of borrowing
                                              1. Hire purchase: regular payments to pay for a product
                                                1. Mortgage
                                                  1. Credit card
                                                    1. Store card
                                                      1. Personal loan
                                                        1. Overdraft
                                                        2. Features of loans
                                                          1. Can be unsecured (nothing can be taken away from you if you don't pay the money back)
                                                            1. High interest rates
                                                              1. Fixed interest rate
                                                                1. Fixed terms (to pay back and take out)
                                                                  1. No flexibility (i.e. fixed repayments)
                                                                2. Ethical lending: Fair and responsible lending - looking beyond being able to pay money back
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