Term 1 Flashcards
Advantages of electronic banking:
- quicker (don’t have to go to bank)
- effective (happens faster)
- accessible (anytime anywhere)
Disadvantage of electronic banking:
Security (if someone gains access to your log-in details and password, they could take over your money)
Problems with bartering
inefficient as each person must want what the other has and be prepared to trade for it.(double want)
Why was money invented?
To solve double want problem
Characteristics of money:
- Scarce
- Durable
- Portable
- possible to be divided
Characteristics of bank cards:
- Scarce
- Durable
- Portable
- Divisible
Bank cards show following information:
- Name of bank that issued card
- Identity of card holder(name & signature)
- Unique card number
- Date which card expires
- Security feature(magnetic chip or electronic strip)
Individual needs:
- Water
- Food
- Shelter
- Security
Community needs:
- Protection against criminals
- Education & training
- Medical care
- Entertainment
National needs:
- Law & order
2. Protection from invasion
Name 2 types of Primary needs
- Physical needs
2. Security needs
Name 2 types of secondary needs
- Social needs
2. Self-esteem needs
Name 5 physical needs
- the need for oxygen
- the need for food
- the need for water
- the need to sleep
- the need to be protected from the weather
Name 4 Security needs
- the need to feel that others will not hurt us
- the need to feel that our belongings will not be taken or broken by others
- the need for structure, rules and order
- the need to know that we live and work in a safe environment.
Name 4 social needs
- the need to have friends
- the need to be part of a team or group
- the need to feel that we belong somewhere
- the need to give & receive love
Name 4 self-esteem needs
The need to…
- achieve success
- be good at something
- feel that what we do is important and valuable
- be recognised and feel that others respect us
How do people satisfy their needs?
They make or buy goods and services
What is one of the forces behind economic activity?
Getting and owning more is one of the driving forces behind economic activity.
What are goods and services?
things people consume in order to satisfy their needs and wants
What is the economic problem?
People have unlimited needs and wants but limited resources
What do formal businesses need to apply for?
A trading licence
What are the 4 different sized businesses and how many people do they employ?
- micro-enterprise = less than 5
- small business = 5-50
- medium-sized business = 50-200
- large business = 200+
What are the 3 types of businesses?
- Manufacturing business
- Trading business
- Service business
Name 4 advantages of formal businesses
- Operate from fixed location (customers know where to find them).
2.
