โฌ๐๐๐พ๐โฏ๐๐ 1 Flashcards
Name 4 financial household resources
Wages/salary
Jobseekers benefit
Savings
Credit card
Name 4 physical household resources
Accommodation
Public transport
Fast broad bands
Fuel for light and heat
Name 4 โotherโ household resources
Free education in:
Preschool
Primary
Secondary
Free GPcare for u6 (u8 in 2020)
Explain what a need is
A need is something that is necessary for survival
List 4 needs
Food
Water
Accomodation
Electricity
Explain what wants are
Wants are things you would life to have, but most of which you can do without
List 4 wants
Phone
Mansion
Car
Laptop
What is a resource?
Resources are things that help people achieve a goal
Name 5 financial resources
Savings
Pocket money
Part-time earnings
Presents
Awards/grants
Name 5 physical resources
Clothes
Scooter
Computer
Musical instrument
Sports gear
Name 5 skill and hobby resources
Creativity
Reading
Writing
Musical training
Debating
Name 5 personal resources
Support of parents
Support of teachers
Community
Library
School clubs
Explain what a consumer is
A consumer is a person who purchases goods and services for personal use
Explain what a producer is
Anyone who supplies or makes goods or services
List4 things a โwise consumerโ would do
Compares similar products
Is it value for money?
Is it good quality?
Can i afford it?
Explain what a false economy is
A false economy is a situation where we buy something that costs less than other brands or seems better value but turns out to be more expensive in the long run
Explain what scarcity is
The demand for a good or service being greater than the availability of the good or service
Explain financial cost
Mortgage interest and interest on loans to buy a furnishing and such alike (the money you actually spent)
Explain opportunity cost
The loss of other alternatives when one alternative is chosen
Name the two main laws for consumer rights
The Sale of Goods and Supply Services Act of 1980
The Consumer Protection Act 2007
Name the 7 laws of The Sale of Goods and Supply Services Act of 1980
Of merchantable quality
As described
Fit for purpose
Corresponds to sample
Provided by someone who has the necessary skills and qualifications
Provided with necessary care and attention
Carried out using goods and materials of merchantable quality
Name the 6 laws of The Consumer Protection Act 2007
To sell goods that have a false or misleading description
Make misleading claims about goods,service prices, unfair, aggressive or misleading commercial practices
To leave out important information about a product
To make false claims about ingredients, performance and weight of products
Make false statements about pricing, previous prices, actual prices and recommended prices of goods must be stated correctly
Harass or unduly influence a consumer
Letter of complaint
Stop using the item
Contact the seller (make sure you have a receipt)
Tell them about the problem
Ask for preferred redress
Seek help of a third party (the national consumer agency -ccpc)
Sue to small claims court or report (only if seller refuses to cooperate)
what is unit pricing?
Unit pricing helps consumers compare prices and find the best value for money.
name 3 different kinds of expenditure
fixed
irregular
discretionary
explain what fixed expenditure is
These are regular payments where the amount paid does not vary e.g. rent or mortgage payment
explain what irregular expenditure is
This is where the timing and /or amount of spending will vary
explain what discretionary is
Non-essential spending, this is spending on wants rather than needs
