NEEDS, WANTS AND CHOICES
These are items we must have to survive, such as food, water and shelter, while these are items we would like but can live without.
What are needs and wants?
This payment method uses physical notes and coins, and means you can never spend more than you have.
What is cash?
This is a person who buys goods and services for their own personal use, rather than to resell.
consumer / customer
This proof of purchase shows what you bought, when and where, and you will usually need it to get a refund.
receipt
This is a financial plan that compares the money coming in with the money going out over a period of time.
budget
A bike, a phone and a pair of shoes are all this type of product, while a haircut, a bus trip and a dentist appointment are all this type.
What are goods and services?
This card takes money directly out of your own bank account at the time of purchase.
What is a debit card (or EFTPOS)?
This is a legally binding agreement between two or more parties, which can be written or verbal.
contract
This is the first step a consumer should take when a product is faulty, before going to any outside agency.
contacting the seller or retailer directly (negotiation)
When income is greater than expenses, a budget has one of these; when expenses are greater than income, it has the opposite.
surplus / deficit
This is the basic economic problem: our wants are unlimited, but the resources available to satisfy them are limited.
What is scarcity?
This card lets you borrow money from a financial institution to buy now, but the amount must be repaid, usually with interest if not paid on time.
What is a credit card?
This Commonwealth law contains the Australian Consumer Law and protects consumers across the whole country.
the Competition and Consumer Act 2010?
Under the Australian Consumer Law, a product that is faulty, unsafe or not as described entitles the buyer to one of these three remedies.
repair, replacement or refund
This is money contributed by an employer throughout a person’s working life to support them in retirement.
super
This is what you give up when you choose one option over another — the next best alternative you did not pick.
What is opportunity cost?
Afterpay and Zip are examples of this payment option, where you take the item home immediately and repay it in instalments, with fees charged for missed payments.
What is buy now pay later?
This NSW state government agency helps consumers resolve complaints about businesses and traders.
NSW Fair Trading
This is a promise made by a manufacturer or retailer to fix or replace a faulty product within a set period, and it sits on top of your legal rights.
warranty
This is interest calculated on both the original amount invested and the interest already earned, which is why saving early matters.
compound interest
This is the income a person has left after tax has been taken out, which they can choose to spend or save.
What is disposable income?
This is the charge a lender adds for the use of borrowed money, usually expressed as a percentage of the amount borrowed.
What is interest?
This national watchdog enforces the Australian Consumer Law and investigates misleading advertising and anti competitive behaviour.
ACCC
This NSW tribunal hears and decides consumer disputes when they cannot be resolved with the business or through Fair Trading.
the NSW Civil and Administrative Tribunal
This is the legal process a person may enter when they cannot repay their debts, and it can affect their ability to borrow money for years afterwards.
bankruptcy