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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

Page 2

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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

Page 3

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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…

Page 4

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Nicholas Wills AQA GCSE Economics

Credit Card ­ cards that are used repeatedly to buy products and services with credit. Which
the minimum balance of 3 ­ 5 % has to be paid off at the end of each month
Store card ­ cards that are only used in one…

Page 5

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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…

Page 6

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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…

Page 7

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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…

Page 8

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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…

Page 9

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Nicholas Wills AQA GCSE Economics

Increasing trade by trading more so the developing countries can develop faster
Settling conflicts
3.4 Understanding work in the national and global economy
Advantages of firms operating overseas
There are lower operating and labour costs
Firms have increased competitiveness
Exchange rates ­ if it falls…

Page 10

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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.

The advantages and disadvantages of global trade and its importance to the UK
The main types of UK export and import…


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