Individual as Consumer, Producer
The individual as producer, consumer and borrower
Candidates should be able to:
- describe the functions of money and the need for exchange
- describe the functions of central banks, stock exchanges, commercial banks
- identify the factors affecting an individual’s choice of occupation (wage factors and non-wage factors)
- describe likely changes in earnings over time for an individual
- describe the differences in earnings between different groups of workers (male/female; skilled/unskilled; private/public; agricultural/manufacturing/services)
- describe trade unions and analyse their role in an economy
- describe the benefits and disadvantages of specialisation for the individual
- analyse the different motives for spending, saving and borrowing
- discuss how and why different income groups have different expenditure patterns (spending, saving and borrowing).