Home Economics Consumer Studies and Resource Managment, Revision Notes

Table of Contents

Family Resource Management 2

Management of Family Finance 11

Savings and Insurance 23

Mortgages and Local Authority Housing 29

Household Technology 34

Textiles 44

Consumer Studies 51

Family Resource Management:

Learning Outcomes:

  • Purpose of resource management.
  • Factors affecting management.
  • Family as a managerial unit.
  • Different management systems.
  • Components of management.
  • Decision making.
  • Communicating.

What is management?

  • Management - the process of setting and achieving objectives through the use of resources i.e. parent buy a house using money.

Resources:

  • Resources are anything that helps achieve goals e.g.
  • Human……….Family members, hired help etc.
  • Physical……...Crockery, machinery e.g., dishwasher.
  • Time…………Important not to misuse it.
  • Technical…….Computers.
  • Money……….Use it wisely.

These differ in some families e.g. one may have more time, less money, another less time, and more money.

Purpose of family resource management:

  • Achieve a better quality of life for the family.
  • Support the family in achieving goals.
  • Help individual family member to achieve goals.
  • Use available resources efficiently to achieve goals.

Factors affecting management:

  • Needs, goals, wants.
  • Available resources.
  • Decision making process.
  • Evaluation stage.
  • Social factors.

Different types of management systems:

    1. Closed system:
  • All activities occur within the system boundaries.
  • For example – Amish community lives and provides for itself without input from outside systems e.g. education, healthcare
    1. Open system:
  • Family uses other systems outside its own boundaries to achieve goals.
  • For example family use the education system.
    1. Contingency / Overall system:
  • Change in one area will affect another area. It involves interaction with other systems in order to achieve goals.
  • Each family has a “best way for them” rather than a “one way for all”.

Family as a managerial unit:

  • Family tasks are no longer identified as isolated units.
  • They incorporate planning, decision making and implementing of decisions and evaluating available resourc...

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