AQA Economics - Unit 11

  • Created by: SamuelTye
  • Created on: 02-08-17 08:20
Personal Life Cycle
A cycle of someone's life showing how needs & wants change
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Essential items for living
2 of 35
Items that aren't necessary to live
3 of 35
Basic Economic Problem
Infinite wants, but limited resources
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Opportunity Cost
The cost of giving up something when making a choice
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Interest Rate
An annual % rate that's charged to borrowers & paid to savers
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A way to manage money by listing your incomes & outgoings
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A chance something won't succeed
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The return recovered for taking a risk
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Interest rate published on loans
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A figure quoted in saving ads to help compare one saving to another
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The division of labour where employees work on smaller aspects of the work
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The amount someone is paid over a year
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The rate at which someon is paid over an hour, week or month
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A payment made to workers for achieving a certain target
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Overtime Payment
Money given to employees who work past their set hours
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Fringe benefits
An item (such as a company car) used to pay an employee instead of money
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Extra money given for a good performance at work
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Gross Pay
The amount earned before tax
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Net Pay
The amount earned after tax deductions
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Tax Allowance
The amount of your income that is tax free
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Exchange Rates
The rate at which one currency exchanges for another
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The increase in global trade & Americanisation
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Points System
A method to regulate migration by people scoring points based on their skills
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SAWS (Seasonal agricultural workers schemes)
Allows farmers to bring in foreign workers to do seasonal agricultural work
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Migration into a country
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Leaving a country to another
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A scheme that gives more money to the producers
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Primary Sector
The sector that involves acquiring raw materials (E.g: oil,coal)
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Secondary Sector
The Sector that involves the manufacturing & assembly process by converting raw materials into components (E.g: building a house, Turning oil into plastic)
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Tertiary Sector
The Sector that involves the commercial service that helps with the production & distribution process (E.g: transport)
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Tax Code
A code which related to different amount of tax-free allowance each worker has
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Pay As You Earn (PAYE)
Tax is deducted by the mployer before income is paid
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Self Assessment (SA)
For those self employed, they Payments their own tax
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National Insurance
A deduction that entitles the person Tom certain benefits & state pension
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Other cards in this set

Card 2


Essential items for living



Card 3


Items that aren't necessary to live


Preview of the back of card 3

Card 4


Infinite wants, but limited resources


Preview of the back of card 4

Card 5


The cost of giving up something when making a choice


Preview of the back of card 5
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