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CHAPTER 5 FAMILY / CONSUMER ECONOMIC STATUS CRITERIA. ZURONI MD JUSOH DEPARTMENT OF RESOURCE MANAGEMENT AND CONSUMER STUDIES, FACULTY OF HUMAN ECOLOGY. CRITERIA. Towards the economic wellbeing Income and its distribution Use of Resources Meet basic needs Education and employment

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CHAPTER 5 FAMILY / CONSUMER ECONOMIC STATUS CRITERIA


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chapter 5 family consumer economic status criteria

CHAPTER 5FAMILY / CONSUMER ECONOMICSTATUS CRITERIA

ZURONI MD JUSOH

DEPARTMENT OF RESOURCE MANAGEMENT AND CONSUMER STUDIES,

FACULTY OF HUMAN ECOLOGY

criteria
CRITERIA
  • Towards the economic wellbeing
    • Income and its distribution
    • Use of Resources
    • Meet basic needs
    • Education and employment
    • Expenses and cost of living
family economy wellbeing
Family economy wellbeing
  • The level of financial input received by the family and the transactions conducted on the input to achieve the goals / desired standard of living
income and its distribution
Income and Its distribution
  • The amount of money or goods and services received in a certain period of time.
  • Revenue contributed by market activity
  • The sources of family income.
    • Income money; flow of purchasing power at a certain time.
    • Income from wages and salaries; payment from services provided.
    • Real wages; purchasing power of money wages, by assuming  all the wages already spent for gd n servc.
    • Interest; returns from investment
money income
Money Income 
  • Three important concepts:
    • Money income - income that is widely used in economic
    • Real income - the usefulness of goods, commodities and services (own home, rent home)
    • Psychic income - the income satisfaction
  • Perceptions of income will affect the behavior in an attempt to find a job
  • Income received need to allocate fairly 
use of resources
Use of Resources
  • An existing resources  (income, time) that need to be used efficiently:
    • Income - 
      • wages earned through the labor supply
    • Time - 
      • the higher the income, then the time more valuable 
      •  influencing consumption patterns 
meet basic needs
Meet Basic Needs
  • Means:
    • As the basic to our need before enjoying a better life.
  • Basic need include:
    • shelter, clothing, food and beverage, public facilities (telephone, transportation, hall) etc..
education and employment
Education and Employment
  • Education -
    • To all of the family member in increase their knowledge and for a better life.
    • The higher level in education, the higher job opportunity.
  • Employment
    • any lawful work that performed by each of household to meet all the household expenses.
    • Husband / wife, children
    • Ensure the better in our live. 
expenses and cost of living
Expenses and Cost of Living
  • Expenses refer to:
    •  how much we spent on the goods / services to make better in our daily life
      • Home expenses (eating, drinking, clothing, shelter etc.)
      • Expenses on children's education.
      • Expenses on the loan received.
      • Cost of living refer to:
      • Amount used to accommodate for all of households
        • Include food, clothing, shelter etc..
conclusion
CONCLUSION
  • Criteria to determine family/consumer economic status towards economic wellbeing based on:
    • Income and its distribution
    • Use of Resources
    • Meet basic needs
    • Education and employment
    • Expenses and cost of living