click below
click below
Normal Size Small Size show me how
ciarans stack
key words on consumer
Question | Answer |
---|---|
Expenditure | Refers to the amount of money we spend during a particular period of time |
Fixed Expenditure | Items where cost does not change according to use |
Irregular Expenditure | Items where the cost does change according to use |
Impulse Buying | Is buying something on the spur of the moment without thinking if we can afford it |
Opportunity Cost | Is when we have the choice of buying two items and the item we do not choose is the opportunity cost |
Example of opportunity cost | I have one euro. I have the choice of buying an apple or a bar of chocolate. I picked the apple so the opportunity cost was the bar of chocolate |
Mortgage | A loan from the bank to enable a person to buy a house |
Budget | Is a plan of a households future income and future expenditure |