Thrift

Question 1

What is thrift:

Answer 1

Thrift is the wise and careful use of money and possessions in order to obtain maximum benefit from them
* important for people with limited income and savings

Question 2

Ways consumer practise thrift in the Caribbean

Answer 2

thrifty practices include:
* careful shopping- shopping wisely for goods and services
* correct use and maintenance/care of possessions
* conservation and recycling
* regular saving
* budgeting

Question 3

Benefits of thrift to self/individuals

Answer 3

consumer has freedom or choice to be a thrift consumer or a spendthrift
* save more
* get value for money
* waste less
* become more responsible
* enjoy a better standard of living

Question 4

Benefits of thrift to society

Answer 4

thrify behaviour among citizens results in
* less wastage of country’s resources - important in Caribbean where much imports
* acts as a check on business practices - can curb exploitative behaviour of certain business people

Question 5

What is gross income

Answer 5

Gross income is money received from all work or investments

Question 6

What is disposble income

Answer 6

Disposable income is the
* money that consumers have available to spend
* money that remains after taxes or cumpulsory paymetns are deducted

Question 7

What is the purpose of a budget

Answer 7

• use disposable income wisely and well
• helps decide how much money to spend, save or invest

Question 8

What are the benefits of budgeting?

Question 9

How it helps consumers

Explain shopping wisely as a thrifty practice

Answer 9

Shopping wisely
* helps consumers get maximum benefit from their money

Question 10

practices , strategies

Explain shopping wisely as a thrifty practice

Answer 10

• distinguish between needs and wants
• compare prices and quality between stores and substitute goods
• know when certain fruits and vegetables are in season - therefore plentiful and cheaper
• buying items in bulk to obtain best prices
• preparing a shopping list and adhering to it
• avoid impulse buying
• avoid false economies of buying very cheap goods that do not last
• examining items carefully before buying
• checking expiry date on perishable items before purchasing

Question 11

How does budgeting help to balance income and expenditure?

Question 12

How can conservation and recycling help the thrifty consumer

Answer 12

• can reduce expenditure
• can earn an income

Question 13

What are 5 conservation and recycling strategies

Question 14

3 points

Explain use and caring for possessions well as a thrify practice

Answer 14

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