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Summary Grade 11 Consumer study notes on the consumer
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Extremely accurate detailed notes on the consumer based off of textbooks and extra notes taken during lessons
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Income and expenditureDefinitions
unemployment insurance: fund that gives short term relief for specific reasons
(unemployed)
contributions: portion of income paid to fund (pension)
gross profit: total income before deductions or tax
eligible: meeting conditions to do or receive things
sources of income
salaries and wages
salary is a set amount paid every month
pension, medical aid, uif and other contributions are taken off a
person’s salary before they even receive it.
Salaried people are given set days for sick days and leave
Wage earners are paid according to hours worked
Wage pays at the end of the week and the more you work the more
you get paid
Government grants and pension
For the elderly, disabled, poor, war veterans
Business profits or investments
Entrepreneurs earn money from their businesses
If you have shares you earn a portion of the businesses profit every
year depending on the amount of shares you have
Casual wages
Employed part time for temporary work
Gets paid hourly with no benefits
Rental income
Rent, water and electricity
Owner pays rental rates using money
Pension
Contributions can be a part o0f job benefit
Don’t always increase with inflation
Retire ages 60-65
Unemployment insurance fund
1% of your salary goes to this and the business contributes 1%
People in need only get if they have contributed before
,Expenditure patterns
Before recession people spent too much on their wants but now it has
changed our spending habits to survive. A households expenditure
patterns depend on the family members needs and wants
Definitions
Recission: temporary decline in trade or industry, resulting in retrenchment or
less work.
Statistics: collection and analysis of a lot of info in the form of numbers
Census: count if population
Statistics SA
Every 5 years there is a census
Number of people, where they live,
spending patterns, language, income etc.
changes in income patters
Increases have become uneven
SA has a growing middle-income group
due to Change in labor laws (give all levels of people
opportunity’s)
changes in expenditure patterns
Transport is higher and groceries is lower
High income people tend to spend more money on recreation and
culture
Varies from province to province (income)
Factors influencing expenditure patterns
Household composition
Number of people living and earning an income in the household
Financial recourses and disposable income
Amount of money left after expenses are paid
More income, lower fixed expenses, more spending money
Needs
Depending on income needs change
What the household members consider a need
Location
, Home, work and factors around you affect spending
E.g.: rural means more expensive transport
Preferences
Were
Type
Quality
The household budgets
Definitions
Creditor: person or business you owe money to
Debtor: person or business that owe you money
Variable expense: an expense that is changing all the time
Fixed expense: an expense that constantly stays the same
Economists: a person or people who look at patterns of expenditure
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