Leaving Cert Home Economics Consumer Studies: Explain and give one example of

Explain and give one example of each of the following consumer terms - Leaving Cert Home Economics - Question 12 - 2011

Question 12

Explain and give one example of each of the following consumer terms. Essential expenditure ______________________ Example _____________________________________ Disc... show full transcript

Worked Solution & Example Answer:Explain and give one example of each of the following consumer terms - Leaving Cert Home Economics - Question 12 - 2011

Step 1

Essential expenditure

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Answer

Essential expenditure refers to the necessary expenses that individuals must incur to maintain their basic standard of living. This includes spending on necessities that are crucial for survival, such as food, housing, and utilities. These expenses are non-negotiable and must be paid regardless of other financial priorities.

Step 2

Example

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Answer

An example of essential expenditure is the cost of groceries, which includes purchasing food items necessary for daily meals.

Step 3

Discretionary expenditure

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Answer

Discretionary expenditure, on the other hand, refers to the expenses that are not essential for basic living but are chosen by individuals based on their preferences and desires. These are more flexible and can be adjusted according to one's financial situation.

Step 4

Example

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Answer

An example of discretionary expenditure is spending on entertainment, such as going to the movies or dining out.

Explain and give one example of each of the following consumer terms - Leaving Cert Home Economics - Question 12 - 2011

Worked Solution & Example Answer:Explain and give one example of each of the following consumer terms - Leaving Cert Home Economics - Question 12 - 2011

Essential expenditure

Example

Discretionary expenditure

Example

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