IGCSE+Economics+rev+Week 3

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; The alternative to money is bartering. Why is this not good in today's specialised economies? What is the definition of money?

• describe the functions of central banks, stock exchanges, commercial banks;

Outline the functions of a central bank. [4] Analyse how a central bank might influence consumer saving. [6]
• identify the factors affecting an individual’s choice of occupation (wage factors and non-wage factors); Why do we choose the jobs we do?

• describe the differences in earnings between different occupational groups (male/female; skilled/ unskilled; private/public; agricultural/manufacturing/services); This basically looks at different people earn different wages. This is due to the Supply and Demand for different types of labour • describe likely changes in earnings over time for an individual; Likely changes in income over time?



• describe trade unions and their role in an economy;

<span style="font-family: 'Trebuchet MS',Helvetica,sans-serif; font-size: 16px;">• describe the benefits and disadvantages of specialisation for the individual; <span style="font-family: 'Trebuchet MS',Helvetica,sans-serif; font-size: 16px;">• analyse the different motives for spending, saving and borrowing;

<span style="font-family: 'Trebuchet MS',Helvetica,sans-serif; font-size: 16px;"> • discuss how and why different income groups have different expenditure patterns (spending, saving and <span style="font-family: 'Trebuchet MS',Helvetica,sans-serif; font-size: 16px;"> borrowing).

<span style="font-family: 'Trebuchet MS',Helvetica,sans-serif; font-size: 16px;">

<span style="font-family: 'Trebuchet MS',Helvetica,sans-serif; font-size: 16px;">