Unit 3 of O Level Tutorials Complete!

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Unit 3: The individual as producer, consumer and borrower

The topics covered under this unit:

  1. Money and exchange
  2. Functions of central banks, stock exchanges, commercial banks
  3. Factors affecting an individual’s choice of occupation
  4. Changes in an individual’s earnings
  5. Differences in earnings
  6. Trade Unions
  7. Specialisation
  8. Spending, saving and borrowing
  9. Expenditure patterns

I hope you find the tutorials useful.

The individual as producer, consumer and borrower

This is the 3rd Unit in Cambridge O Level Economics Syllabus.

Since we already know that individuals are concerned about satisfying their wants. Let us see the example of Ahmed who works as a farmer.
He works at the farm, grows crops and sells the produce in the market – He is doing production, therefore he is a producer.
He gets money by selling his produce and he uses that money to buy things needed for his family at home – He is a consumer, because he is using up goods and services.
He borrows money to expand his farm. He also may borrow money if he needed to buy a few extra things for his family, and if the money he has is not sufficient. Therefore, he is also a borrower.

From this we can see that an individual is a producer, a consumer and at the same time a borrower.

In this unit, the following topics are required. Click on the topics to see the tutorials.

  1. Money and exchange
  2. Functions of central banks, stock exchanges, commercial banks
  3. Factors affecting an individual’s choice of occupation
  4. Changes in an individual’s earnings
  5. Differences in earnings
  6. Trade Unions
  7. Specialisation
  8. Spending, saving and borrowing
  9. Expenditure patterns

Next Unit: The private firm as producer and employer