•
1.1.1 The purpose and nature of business activity: Purpose and nature of business activity The main purpose of a business is to provide a service or goods that meet the needs and wants of its customers. Most businesses will provide their goods or services at a cost so they can make profit. However not…
•
3.1 Money and banking Topic3.1.1 money3.1.2 banking GuidanceThe forms, functions and characteristics of money. The role and importance of central banks and commercial banks for government, producers and consumers. 3.2 Households Topic3.2.1 the influences on spending, saving and borrowing GuidanceIncluding income, the rate of interest and confidence – between different households and over time.…
•
2.1 Microeconomics and macroeconomics Topic2.1.1 microeconomics2.1.2 macroeconomics GuidanceThe difference between microeconomics and macroeconomics and the decision makers involved in each. 2.2 The role of markets in allocating resources Topic2.2.1 the market system2.2.2 key resources allocation decisions2.2.3 introduction to the price mechanism GuidanceHow a market system works; including buyers, sellers, allocation of scarce resources, market…
•
1.1 The nature of the economic problem Topic1.1.1 finite resources and unlimited wants 1.1.2 economic and free goods Guidance Definition and examples of the economic problem in the contexts of: consumers; workers; producers; and governments. The difference between economic goods and free goods. 1.2 The factors of production Topic1.2.1 definitions of the factors of…