Learning Outcomes

• 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).