Finance Topic 2

What does Socio-Econmic mean?

• A sustainable/ healthy economy

• External influences out of your control

• An increasing population

• Creating Better living conditions

Which is an example of socio-ecomnomic?

• Using paper straws all the time

• More children and less deaths

• More unemployed people

• Interest rates set by the bank of england

What is an Economic Boom?

• When the economy cant control its population growth

• When the economy is decreasing in value

• When the economy is producing and selling increasing amounts of goods and services

• When the unemployed is increasing

What are the benefits of an economic boom?

• Greater number of jobs, lower unemployment/ increased income

• Greater number of jobs, higher unemployment, increased income

• Fewer number of jobs, lower unemployment, increased income

• Greater number of jobs, lower unemployment, decreased income

What is a Recession?

• An increase in an economies production

• When a countrys production falls for two or more consecutive quarters

• When a countrys production falls for three or more consecutive quarters

• A decrease in unemployment

What government mechanism is placed under strain in a recession?

• The benefits system

• Three tier system

• Economic recession distribution

• Government economy act

Tick 3 reasons why people are living longer

• Better living conditions

• They have better entertainment

• Better nutrition

• Medical Advances

• They have holidays

What is the life expectancy of a boy and girl born in 2010?

• Men= 84. Women=89

• Men=74. women=77

• Men=87 women=89

• Men=79. Women=83

Due to a longer life span, what should individuals consider other than a state pension?

• A personal Pension, and occupational pension

• Employer pension

• Benefit pension

• Savings pension

What age is the government going to pay a pension to individuals in 2020?

• Age 57

• Age 69

• Age 59

• Age 66