factors affecting the role of money Flashcards
1
Q
What are the four functions of money?
A
- unit of account
- legal tender
- store of value
- means of exchange
2
Q
what are the key life stages affecting peoples attitudes to money?
A
- childhood
- adolescence
- young adults
- middle age
- old age
3
Q
what can affect a persons attitude towards money?
A
whether or not they are willing to take risks
4
Q
what’s a benefit of rewards?
A
rewards can be immediate e.g buying a new pair of shoes
5
Q
What’s a disadvantage of borrowing?
A
Borrowing allows for immediate results but will incur cost
