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  3. 11th Grade
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  5. Consumer Studies

Class notes

The Consumer

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These notes cover the consumer section of Consumer Studies. This includes different sources of income, expenditure patterns, and the factors that influence these, Maslow's hierarchy of needs, and different types of banking.

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  • March 4, 2024
  • 9
  • 2023/2024
  • Class notes
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The Consumer

, The Consumer
and expenditure
Income
of
South African families
-

basic needs need to be met
↳ Money to obtain
goods & services
-> offer labour to the and
economy
in return earn an income



sources income
of

Salaries -> fixedmonthly
Payment Wages -> daily or weekly payment
↳ for work completed
->
temporaly recieve wages
professionals receive -> farm, domestic factory
->
normally workers

a salary
gross salary -> salary before deductions
nett
salary -> Salary after compulsory
deductions such as


tax, UIF 6 Pension

Commission - Payment Pension -> after
a
agent get retirement
for a sale from pension fund
↑




professional fees -> medical docter
Annuity - retirement fund


Bonus Social Elderly, Disabled,
an extra
payment grants
-




poor
↳ Percentage of annual earnings

farming ->
money farmers get for casual income ->
gifts, inheritance
farm produce andbets/Lottery

Profits -> made by selling Fringe benefits -> Extra payment to
money employee
a an

product or service

unemploymentinsurance fund -> UIF

Interest -> money paid to investors

as a return to their
investments


Dividents ->
paid to
money out

Shareholders


Rental income ->
money landlordgets
for
letting real estate

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