Consumer and Financial Decisions
TWO major purchases
House, Car, Travel, Wedding
A legally binding document between individuals
Contract
McDonalds
I'm lovin it
The process of keeping records of income and spending
Budgeting
Limited resources and unlimited wants
Scarcity
Marketing, Age, Social Media all of these things are....
Factors Influencing Choice
Found love online, asked for wealth information
Romance scam
Audi
Vorsprung durch Technik
'Progress through Technology'.
Money spent which is typically unchanging
Fixed Expense
Shows the relationships between producing two products based on the same amount of resources
Production–possibility frontier
Use of a preapproved loan with a fixed limit
Credit Card
A fraudulent document designed to imitate a legitimate source
Phishing
Bunnings
Lowest prices are just the beginning
Unable to repay debt you might need to declare
Bankruptcy
The value of the next best alternative forgon
Opportunity Cost
Can lead to alcoholism, excessive debt, domestic violence
Gambling
ACCC (stands for)
Australian Competition and Consumer Commission
Skittles
Taste the rainbow
The money gained from owning shares
Dividends
Tracks economic growth over time
The business cycle
A strict procedure utilising objective knowledge and logic to decide
The two primary consumer rights
Fit for Purpose
Acceptable Quality
Adidas
Impossible is nothing
Money taken by your employer, for the government, for later in your life.
Superannuation
Two quarters of negative economic growth
Recession