How many stages of the personal life cycle are there and what are the names of them?

What is the personal life cycle?

Definition income?

Definition borrowing?

Definition savings?

Definition of needs and wants?

Definition debt?

Name 5 needs?

Name 5 wants?

What are opportunity costs?

Define demand?

What is the basic economic problem?

What happens when the demand for a product increases?

What are the benefits of companies competing?

What is the law of demand?

Name one thing which effects demand?

Name some methods of borrowing?

Name some methods of saving?

Savings Account?

ISA?

National savings and Investment account?

Unit Trust?

What type of loan is a mortgage?

What type of loan is a credit or store card?

What type of loan is a personal loan?

What is a hire purchase?

What is an overdraft?