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Explain each of the following consumer terms: (i) impulse buying ____________________________________________________ ____________________________________________________________ (ii) tax credits ____________________________________________________ ____________________________________________________________ - Junior Cycle Home Economics - Question 10 - 2012
Question 10
Explain each of the following consumer terms: (i) impulse buying ____________________________________________________ _____________________________________________... show full transcript
Worked Solution & Example Answer:Explain each of the following consumer terms: (i) impulse buying ____________________________________________________ ____________________________________________________________ (ii) tax credits ____________________________________________________ ____________________________________________________________ - Junior Cycle Home Economics - Question 10 - 2012
Step 1
(i) impulse buying
Answer
Impulse buying refers to the act of making unplanned purchases on the spur of the moment. This occurs when a consumer sees an item they did not intend to buy and decides to purchase it instantly, often driven by emotions such as excitement or desire. The buyer typically thinks later about the decision, which can lead to feelings of regret or buyer's remorse.
Step 2
(ii) tax credits
Answer
Tax credits are a part of a person's income that is not subject to taxation by the government. They directly reduce the amount of tax owed, effectively lowering the taxpayer's liability. Tax credits can be based on various factors, including income, family size, and certain expenses, and they serve to encourage specific behaviors or support individuals in financial need.