Economic Factors: Flashcards
What are economic factors?
All aspects of life related to money, including income, education, employment, and lifestyle choices.
What does income and expenditure refer to?
A person’s level of income and personal wealth.
How does education relate to economic factors?
It refers to the stage of education reached, educational opportunities, and achievements.
What does lifestyle and health refer to in economic factors?
Being able to afford a healthy diet, exercise, and avoid unhealthy habits (e.g., alcohol, smoking, drug use) that impact personal finance and employment.
What is employment status?
Whether a person is in work or not, the type of work (manual, non-manual, professional), and whether it is full-time or part-time, affecting job security and future prospects.
What are the positive physical effects of economic factors?
Manual/active jobs improve muscle tone and stamina.
• Being able to afford a healthy diet and regular exercise helps keep systems (e.g., circulatory and joints) healthy.
What are the negative physical effects of economic factors?
Manual jobs may cause muscular and skeletal problems.
• Sedentary/desk-based jobs can cause back problems, repetitive strain injuries, and lack of fitness, leading to heart disease.
What are the positive intellectual effects of economic factors?
• Being in work, education, or training promotes creative thinking and problem-solving skills.
• Being able to afford a good diet and exercise can promote cognitive development.
What are the negative intellectual effects of economic factors?
• Being out of work, retired, or in a non-demanding job can cause deterioration of memory and problem-solving skills.
• Low income and a low-quality lifestyle can cause stress and loss of concentration.
What are the positive emotional effects of economic factors?
• Being in a high-status job and having a good income can promote high self-image and positive self-esteem.
• Having an adequate income and job provides opportunities and independence.
What are the negative emotional effects of economic factors?
• Being unemployed or in a low-status job can lead to poor lifestyle choices, negative self-image, and low self-esteem.
• Low income and poor health can reduce choice and independence.
• Concerns about lack of work or finances can cause stress.
What are the positive social effects of economic factors?
• Being at school, college, or in training provides opportunities to develop friendships.
• Being able to afford a healthy lifestyle can help form friendships.
What are the negative social effects of economic factors?
• Low income or unemployment offers fewer opportunities to build relationships.
• Poor lifestyle choices can lead to a breakdown in relationships.
What are the negative social effects of economic factors?
• Low income or unemployment offers fewer opportunities to build relationships.
• Poor lifestyle choices can lead to a breakdown in relationships.
