2778609
Description
Mind Map by taylorce11, updated more than 1 year ago
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Created by taylorce11
almost 9 years ago
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Money
- The personal life cycle
- Childhood
- Expenditure: Sweets,
Choc, Toys
- Savings: Saving account
- Expenditure: Sweets,
Choc, Toys
- Teenagers
- Expenditure: Clothes,
Phone, bags etc
- Savings: Debit card,
savings acount
- Expenditure: Clothes,
Phone, bags etc
- Young adult
- Expenditure: Insurance, cars,
tax, rent, bills, uni, food
- Savings: Debit card,
savings account
- Debt: University bills
- Expenditure: Insurance, cars,
tax, rent, bills, uni, food
- Middle adult
- Expenditure: Insurance,
car, tax, mortgage, food
etc.
- Savings: Saving for a pension
- Debt: Mortgage
- Expenditure: Insurance,
car, tax, mortgage, food
etc.
- Late adult
- Expenditure: Food, care, homes,
holidays
- Savings: Pension
- Expenditure: Food, care, homes,
holidays
- Childhood
- Opportunity cost: The benefit lost and the
next best opportunity/alternative forgone
- E.g. Not buying some shoes in order to have a night out
- E.g. Not buying some shoes in order to have a night out
- 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
- Demand and supply
- High supply and low demand
means lower prices
- Low supply and high
demand means higher prices
- High supply and low demand
means lower prices
- 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
- Buyers demand goods from the market
whilst sellers supply goods to the market
- Demand: The quantity of goods and
services that will be bought at any
given price over a period of time
- Effective Demand: Must be willing
AND able to pay for a good/service
- Buyers demand goods from the market
whilst sellers supply goods to the market
- Borrowing: Means getting money from a
lender that must be repaid in the future
from earnings over a period of time
- Term of a loan: Time over which
the loan needs to be repaid
- Methods of borrowing
- Hire purchase: regular payments
to pay for a product
- Mortgage
- Credit card
- Store card
- Personal loan
- Overdraft
- Hire purchase: regular payments
to pay for a product
- Features of loans
- Can be unsecured (nothing can
be taken away from you if you
don't pay the money back)
- High interest rates
- Fixed interest rate
- Fixed terms (to pay
back and take out)
- No flexibility (i.e.
fixed repayments)
- Can be unsecured (nothing can
be taken away from you if you
don't pay the money back)
- Term of a loan: Time over which
the loan needs to be repaid
- Ethical lending: Fair and responsible lending -
looking beyond being able to pay money back
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