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IG-3 The individual as producer, consumer and borrower

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Hon Lam

on 3 January 2017

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Transcript of IG-3 The individual as producer, consumer and borrower

Specialisation (Unit 14)
Banks (Unit 15)
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
The individual as producer, consumer and borrower
(Section 3)

The conditions in which an individual or staff works, including but not limited to such things as amenities, physical environment, stress and noise levels, degree of safety or danger, and the like.
Motives for Spending, Saving and Borrowing (Unit 21)
Differences in Expenditure Patterns (Unit 22)
Make notes from Activities 1 and 2
Try Activity 3 with a partner and write down
the reasons why!
Think aloud!

Activity 1, make notes
Activity 2, take notes
....is the magic number.
Complete Activity 3, you may need to read the
sections before to get all the answers.
Choice of Occupation (Unit 17)
Activity 3, discuss and make notes
Check the chapter summary and try the MC
Financial Factors
Non-financial Factors
Non-financial Factors
Types of work
Working conditions:
Law firm and hours worked per day of different levels of staff
Fringe Benefits
(Size/type of companies to work for)
of work
Limiting factors
Activity 1, discuss with a friend and note down your ideas. Draw a demand-supply curve.
Activity 2, draw up a list of reasons by yourself and compare them with a colleague
Can you think of any more limiting factors that you may have if you started to look for a job now?
A or B?
X or Y?
Choices, choices, choice....
Activity 3, work with the people around you and decide on the top three reasons for Q1 and Q2.
Differences in Earnings (Unit 18)
Give an example for each of the diagram above and explain you evidence why. Now try Activity 1.
Relative Bargaining Power of Employers and Workers
Government Policies
Activity 2, make notes!
Activity 3
End of Chapt. Review

Make sure you can check all the summary points as well as the learning objectives!

Try the Multiple choice questions

Read the Chapt. at least one more time!
Changes in Earnings (Unit 19)
Why do people earn more as they get older?
Why do earnings or occupations change?
Changes in the demand for labour
Derived demand - more products demanded more labour required
Higher productivity - keep making more to sell more
Capital is expensive
Changes in the supply of labour
Reduced labour force
Qualifications and longer training times
Non-wage benefits reduced
Wages and non-wage benefits rises in other jobs
Try Activity 1

Make notes of the answers in your notebooks
Draw each diagram in your notebooks. For each of these diagrams, draw in the corresponding wage rates and quantity demanded on the axis. Explain each diagram using the denotations to help your answer.
(Capital equipment)
Also time... longer the time period the more time for firms to change production methods.
Qualifications and training, the more the harder it is to find workers
High employment rate in an economy will make workers unavailable to change jobs
Mobility of labour - can workers go to another place to work?
Do workers want to do another job? e.g. a wildlife conservationist
Again time... workers will find jobs with better pay, earn more experiences, qualifications....

Activity 2, make notes!
Other influencing factors labour demand and supply

Union bargaining powers
Government policies -- e.g. China -> infrastructure programmes, UK -> expansion of the health services
Other ways of governmental influences: minimum wage levels, improving education, immigration levels, anti-discrimination policies, research and development (technology)

Activity 3, make notes
Stock exchanges (Unit 16)
End of unit checklist:

Make sure you know each of the summary points
Review the Activities and notes you have made
Multiple choice
Trade Unions (Unit 20)
Try Activity 1, make relevant notes to support your answers
Activity 2, you make want to make your answers a bit more detailed for this one
Activity 3, make your own notes first then discuss with a partner about your ideas.
End of unit checklist

Make sure you understand the summary points
The activities in this unit requires discussion so make sure you know the key points affecting unions and union actions
Multiple choice

Forms of Saving:

Contractual - an agreed amount to be saved on a regular basis, e.g. insurance, pension...

Non-contractual - putting money that an individual did not spend into a savings account
Activity 1, make sensible notes and not just key words or phrases!
Activity 2, again make clear of your explanations and answers.

End of unit checklist:

This unit is very word heavy, i.e. no calculations, lots of concepts and reading!
Make sure you understand all the summary points and be able to explain them in your own words.
Do the multiple choice.
Remember these three incomes!

Earned Income
Investment Income
State Benefits
Look at Table 1 and Figure 1
Try Activity 1
Look at Table 3 and Figure 2
Try Activity 2
Make sure you know the APC and APS diagrams and how to explain them!
End of Chapt.

Check the summary and make sure you understood all the points.

Complete the multiple choice

End of Section

Read up on the chapter summaries for all sections so far!

Try the exmination practice questions (P.220) and do all structure questions in note form
Full transcript