economic factors Flashcards
1
Q
what is income?
A
the money that a household receives, e.g, wages, pension and benefits
2
Q
what are essential bills?
A
bills that need to be paid to run a a household, e.g, TV license, rent, insurance
3
Q
what are savings?
A
money we can put away after paying our essential bills
4
Q
what are debts?
A
money that has been borrowed and needs to be paid back
5
Q
what are material possessions?
A
items you own that are worth money
