an in depth revision guide covering the first three parts of Unit 11 in AQAs economics exam.

consisting of 10 pages and around 2000 words. 

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Nicholas Wills AQA GCSE Economics
1.1 Understanding the Personal life cycle
Throughout our personal life cycle our wants and
needs change according to what stage were at.
Income ­ total money received from a person's
wages / salary interest and dividends.
Borrowing ­ getting money from a lender that
must be repaid in the future (e.g. a mortgage).
Savings ­ putting money aside for later use
Needs ­ those things people need to have to
survive (e.g. heat and water).
Wants ­ things that people could survive with out.
Debt ­ the amount still owing from funds borrowed.
Unemployment ­ when an individual without a job
is seeking paid work and is able to work.
Key mile stones in the personal life cycle ­ leaving school ­ the point where a person stops
being looked after by their parents and starts to manage their own life
Gaining unemployment ­ if someone is successful in gaining qualifications they will have a
wider choice of jobs. The higher level qualification the better paid job.
Promotion ­ if people work hard and are responsible they may be promoted or find a better
paid job.
Unemployment ­ an unemployed person may need finical help from the government as they
will no longer receive a wage or salary.
Retirement ­ the age at which a person can cease paid work because they will receive a state
pension or a private pension (but a person with a private pension can stop work at any time if
they wish)
Benefits ­ regular payments from a government to support people in need.
Retirement ­ when we cease to do paid work
How the government affects stages of the personal life cycle ­ tax credit ­ a state benefit
paid to employees through a tax system, which acts like a negative tax
Pensions ­ a benefit paid as of right to those of retirement age who have paid the minimum
national insurance contributions.
Taxes ­ a fee levied by the government on a product, income or activity.
Tax allowances ­ sums deducted from total income before income tax is calculated

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Nicholas Wills AQA GCSE Economics
1.2 Making Decisions
The basic economic problem ­ our needs and wants are infinite but our recourse and incomes are
Choice- deciding between different options because our
recourses are scarce.
Resources ­the land, labour, capital and enterprise used
to produce goods and services
Opportunity cost ­ something given up when we make a
Scarcity ­ resources are limited compared with our needs
and want.…read more

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Nicholas Wills AQA GCSE Economics
Quality can be lowered as businesses try to cut costs
After sales service can suffer if too many resources are put into sales
Competition ­ the process of trying to beat others
1.4 Choosing to save
Why do people save?
To buy something special like a car, a wedding, or a house.…read more

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Nicholas Wills AQA GCSE Economics
Credit Card ­ cards that are used repeatedly to buy products and services with credit.…read more

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Nicholas Wills AQA GCSE Economics
Workers can become more skilled if they focus on one task rather than the whole process
Output can be creased as workers become better at the task their doing
Businesses can produce output at lower cost due to faster and more skilled workers ,this
saving is passed on to the workers with higher wages
Workers can concentrate more on the tasks they are better at.…read more

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Nicholas Wills AQA GCSE Economics
Pension Contributions ­ a deduction from a worker's pay that is meant to go towards their pension
P45 ­ a document provided by an employer when a worker leaves the organisation
P60 ­ a document provided by the employer on a yearly basis showing total pay and deductions for
the year.
Other deductions
Trade Union Subscriptions
Staff association fees
Student loan repayments
2.…read more

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Nicholas Wills AQA GCSE Economics
Why do wage rates change?
Surplus of labour ­ if there is a surplus of labour, more people want jobs, so businesses pay less
because lots of people want that job.
Shortage of labour - if there is a shortage of labour then; businesses need workers and are willing
to offer higher wages to attract them
2.…read more

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Nicholas Wills AQA GCSE Economics
Competition ­ UK firms may find it hard to compete
Economic dependency ­ the UK imports lots of stuff , stopping this may stop our survival
Unstable commodity prices ­ the prices of raw materials can change a lot without any
GDP ­ Gross Domestic Product ­ total value of goods and services produced by an economy in one
Globalisation ­ the process of increasing trade and economic interdependence between countries
Commercial services ­ Services which are supplied…read more

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Nicholas Wills AQA GCSE Economics
Increasing trade by trading more so the developing countries can develop faster
Settling conflicts
3.…read more

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Nicholas Wills AQA GCSE Economics
SAWS ­ Seasonal Agricultural Workers Scheme, which allows farmers and growers to bring foreign
workers to the UK to do seasonal agricultural work.…read more


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