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Unit 1: Second Year, Business Studies (Personal Finance, Saving and…

- - - - Being creative: Assign activities that require learners to develop creative solutions for consumer problems or propose new products or services that meet consumer needs.
      - Being literate: Provide learners with reading materials that cover consumer rights, responsibilities, and relevant consumer laws and regulations.
      - Being numerate: Introduce basic financial calculations, such as comparing prices, calculating discounts, and determining value for money.
      - Communicating: Provide opportunities for learners to practice written and oral communication skills in consumer scenarios, such as writing complaint letters.
      - Managing information and thinking: Guide in analysing and interpreting consumer-related data, such as product reviews, warranties, or contract terms.
      - Managing myself and staying well: Promote responsible consumer behaviour, such as avoiding impulse buying, comparing prices, and considering the long-term impacts of consumer choices.
      - Working with others: Foster teamwork and cooperation skills by encouraging leaners to respect diverse opinions and engage in constructive discussions
  - - - Financial analysis: Learners should develop skills in analysing their financial needs and goals to determine the most appropriate sources of finance. They should consider factors such as the amount of money needed, the time frame for repayment, interest rates, and the total cost of borrowing.
      - Risk assessment: Learners should acquire skills in assessing the risks associated with different sources of finance. They should understand that borrowing money carries the risk of debt and potential difficulties in repayment, while saving money may involve the risk of inflation eroding the purchasing power of savings.
      - Comparing options: Learners should be able to compare different sources of finance based on their purpose, costs, and risks. They should analyse the terms and conditions of different borrowing options and consider the impact on their overall financial situation.