The Personal Life Cycle
Lesson Objectives:
1. Understand the idea of a personal life cycle
2. Recap the difference between a need and a want
3. Justify the reasons why income changes individual decisions
2. Recap the difference between a need and a want
3. Justify the reasons why income changes individual decisions
Starter Activity
On your own write down the main difference between a need and a want. Give examples to help illustrate your answer. If you finish this, can you remember what the economic problem is?
The personal life cycle
Impact of the life cycle on individuals
- Income
- Expenditure
- Savings
- Debt
- Expenditure
- Savings
- Debt
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Key terms | |
File Size: | 90 kb |
File Type: | pptx |
Activity
For each of the stages in the life cycle explain how the following will be affected:
- income
- expenditure
- savings
- debt
- income
- expenditure
- savings
- debt
Activity
After leaving school, what are the different stages in life you expect to go through?
You have two minutes to discuss with the person next to you.
You have two minutes to discuss with the person next to you.
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Key Milestones | |
File Size: | 92 kb |
File Type: | pptx |
Activity
Copy out the table below. In pairs, you need to decide on at least two needs and two wants of someone in that particular stage of their life cycle.
Stages of the life cycle
|
Needs |
Wants |
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lesson_2.ppt | |
File Size: | 74 kb |
File Type: | ppt |