1st Year Theory
A need is something that is required for survival, whereas a want is something you would like but do not need to survive.
Well-known Irish supermarket chain famous for its "Every Little Helps" slogan.
Tesco
Explain the term a "consumer".
A consumer is someone who buys goods and services for their own use.
This Irish multinational company has its headquarters in Dublin and is famous for making smartphones and laptops.
Apple
"I'm Lovin' it"
McDonalds
List the 3 types of household expenditure.
Fixed, irregular and discretionary.
The Irish company known for its successful airline business and budget-friendly flights.
Ryanair
What do you call a budget when the income is less than the expenditure.
A budget deficit
This Irish company makes traditional sweets like "Mint Aero" and "Milk Chocolate"
Cadbury Ireland
"The Everything Store"
Amazon
Explain the term "opportunity cost".
Opportunity cost is the item you must go without when choosing one alternative over another.
The famous Irish food company that produces dairy products, including butter, and is known for its green packaging.
Kerrygold
List 3 questions a consumer must ask themselves before making a purchase.
Do I really need it? Can I afford it? Is it good value for money? Can I get it cheaper elsewhere?
This Irish company is known for making a popular dark beer with a harp as their logo.
Guinness
"Have it your way"
Burger King
Explain the term "False Economies".
False economies is when an item appears to be better value for money in the short term but turns out to be more expensive in the long term.
This company is the largest coffee brand in Ireland, known for its iconic green cups.
Bewleys
At what stage of the personal financial lifecycle would you be just finished college, getting your first job and maybe be thinking of buying a car?
Independent
This company is an Irish multinational retailer, with the slogan "Make Life Taste Better".
Supervalue
"Because you're worth it"
L'Oreal
Explain the 4 requirements of goods under the Sale of Goods and Supply of Services Act 1980.
Goods must be:
Of merchantable quality, fit for purpose, as described, match the sample shown.
This popular Irish soft drinks company is best known for its "Club Orange" drink.
Cidona
Explain the 3 requirements of services under the Sale of Goods and Supply of Services Act 1980.
Services must be:
Carried out using goods of merchantable quality, Using proper care and attention, carried out by someone with necessary skills and qualifications.
This Irish company is know for creating woolen clothes and blankets and is often associated with the Aran Islands.
Aaran Woollen Mills
"The ultimate driving machine"
BMW