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ACHEK020

Why individuals work, types of work and how people derive an income

Elaborations ScOT Terms

Elaboration (2) ACHEK020

investigating alternative sources of income such as through owning a business, being a shareholder, providing a rental service

Elaboration (2) ACHEK017

exploring why businesses might set a certain price for a product (for example, because that’s what they think consumers will pay) and how they might adjust the price according to demand

interpreting tables, charts and graphs containing economic or business data to identify trends (for example, to answer the question: ‘To what extent has the number of people in casual work increased?’)

Elaboration (2) ACHES026

discussing the consequences of an economic or business decision, and reflecting on the effect of alternative actions

Elaboration ACHEK020

investigating the contribution that work can make to an individual (for example, earning an income, contributing to an individual’s self-esteem, contributing to the community, material and non-material living standards and happiness)

Elaboration (1) ACHEK020

exploring different types of work such as full-time, part-time, casual, at home, paid, unpaid, unrecognised, volunteer

Elaboration (2) ACHEK018

explaining how financial records such as income statements, balance sheets, budgets and cash flow statements inform business decision-making

Elaboration (1) ACHES023

using data to make predictions about future trends (for example, the trend of shopping online, trends in working hours or how people work)

Elaboration ACHES021

developing questions to form the basis of an economic or business investigation (for example, ‘Why do people work?’, ‘Why is it important to plan ways to achieve personal financial objectives?’, 'Why are consumers and producers reliant on each other?', …

Elaboration (2) ACHES025

identifying links between entrepreneurial behaviour and successful businesses

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