Management of Household Financial Resources - Overview (Leaving Cert Home Economics): Flashcards

Economic unit contributing to & influenced by wider economy

Consumption, production, distribution, savings/investment

Buying goods/services; creates market demand

Activities generating income/value (gardens, freelance, home business)

Building economic wealth; provides capital for businesses

Younger=lower; rises with experience; drops at retirement

Disparities in pay & career progression still exist

Higher status=better access to education/job opportunities

Affects career choices, savings attitudes, family systems

Total income before deductions (tax, social security)

Income after deductions; actual amount available to spend

Largest & most stable source for many households

Revenue from self-employment after expenses deducted

Dividends (shares), interest (bonds), rental (property)

Social welfare, pensions; safety nets in difficult times