The+individual+as+producer,+consumer+and+borrower

4.3 The individual as a 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 occupational groups (male/female; skilled/  unskilled; private/public; agricultural/manufacturing/services);  • describe trade unions and 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).

End of Unit test: 