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
Consumer Studies 51
Family Resource Management:
- Purpose of resource management.
- Factors affecting management.
- Family as a managerial unit.
- Different management systems.
- Components of management.
- Decision making.
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 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.
- 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:
- 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
- Open system:
- Family uses other systems outside its own boundaries to achieve goals.
- For example family use the education system.
- 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...