The answer should include 4 points with brief explanation. Avoid writing in a list style.
Role of commercial banks:
Functions of money:
In order to get full marks, the answer should include 4 functions with description.
The usual trend of income change is as follows:
There is low earnings at the start in a job, earnings gradually rise with more experience and reach a high point before retirement. However, retirement income is likely to be lower. The income might also be affected by the change in demand for occupation over a lifetime.
The discussion will include a two sided discussion on the importance of wages. The response might include that:
certainly wages are a very important factor to be taken into account. However, other factors also influence the choice of occupation for individuals. These might include:
A one-sided answer can gain only half the marks.
It is true in most of the cases however, wages also depend on:
Factors that can affect an individual’s choice of occupation:
A brief description for each point is required to achieve full marks.
Benefits of a trade union to an individual:
Key word "Discuss' Two sided discussion.
Involves comparing the importance of function of money as a medium of exchange as compared to barter (the direct exchange of goods and services for other goods and services without using money )
The problem with barter was that it relied on a double coincidence of wants, this wasn’t always possible and the use of money as a means of exchange avoids this.
Money is also significantly better as a measure of value, a store of value and a standard for deferred payments.