Chapter One Flashcards
(16 cards)
Financial resilience
Ability to financially cope with life events or quickly return to that pre even financial situation
House hold
1 or more persons (not necessarily related) living at the same address who share cooking facilities, and share a living, sitting or dining room
Families
A married, civil partnership, cohabited couple with or without children, or a lone parent with at least one child who lives at the same address. Children may or may not be related
Factors that affect financial decisions or opportunities
Demography, public policy, financil service provision, tech
Emerging countries
Cojntries that are getting richer by emerging from economic isolation and or are newly industrialising
Industrialised countries
Countries with relativly high income per capita, with mature industry infrastructure structure
Friendly societies
Membership organisations where in return for regular payments members can claim for financial support if they are unable to work due to old age or illness
Subsidy
Money paid to reduce the purchase price of a good or service
Welfare state
A system where the state finds or provides public services and redistributes income and wealth to provide social protection to its citizens
Risk
Where the chance of something can be measures or estimated
Gdp
Gross domestic product - the monetary value of everything produced within a country within a specific time, usually a year
Financial exclusion
Inability to obtain the necessary products and services from a financial provider in an appropriate form or at an affordable price
Financial capabilities
The knowledge, skills, attributes and behaviours that mean people manage money well. Both in day to day life and through life events and can handle periods of financial difficulty.
Us components for financial capabilities
Making ends meet
Planning ahead
Managing financial products
Financial knowledge and decision making
Uk components for financial capabilities
Making ends meet Planning ahead Organised money management Controlling spending Staying informed Choosing products
Circular flow of income
A simple economic model illustrating the exchange of goods/services and money within the economy
