2. Starter activity UK unemployment rises to 2.52 million
BBC News (15th May 2013)
In your opinion how will an individual’s
needs and wants change now they are
unemployed?

3. Lesson Objectives Recap the key milestones in the personal life cycle
Understand the changes in income
Justify the reasons for the changes in income

4. Presentation time
You must present the economic article you researched for homework. Your talk must last for a minimum of 30 seconds.

5. Key terms
Income
Expenditure
Savings
Debt
Paired Activity
With the person next to you attempt to define the key terms on in the box above
You have five minutes

6. Key terms Income Expenditure Savings Debt
Total money received from a person’s salary/wage, interest and dividends
Expenditure
Total money that an individual spends
Savings
Putting money aside for the future
Debt
The amount still owed from borrowing money, usually from the bank

7. Individual Activity
Draw a graph illustrating what you think will happen to personal income, expenditure, savings and debt throughout an individuals life cycle
Level
Key milestones in the
personal life cycle

8. Why do you think this happens? Discuss with the person next to you.
Justification
Why do you think this happens? Discuss with the person next to you.
You have three minutes

9. Plenary
In your pairs, write a few sentences explaining why as income changes, people’s wants and needs change.