Topic 2 - The personal life cycle Flashcards
What is a bank rate?
The interest rate that the Bank of England uses when it lends money to other banks.
What is a life assurance?
A type of insurance policy that pays out a sum of money in the insured person dies
What is redundancy?
Losing a job because the business no longer needs, wants or can afford that job to be done.
When does a person’s life cycle start?
Starts when they are born and ends when they die
What is the age range for a mature adult?
26-40
What do demographic changes mean?
Size and structure of the population.
What does career mobility mean?
People can do several different jobs during their working lives (moving from one job to another)
What is an economic boom?
A period when the country is producing and selling an increasing amount of goods and services.
Are interest rates rises good or bad news for savers?
Good, savers receive more interest on their savings.
