May have different goals, private sector banks may aim for profit maximisation while public sector banks may seek to provide a service/keep employment high.

The amount of money paid to a worker per unit of time in exchange for their labour

sole trader, partnership,private limited company, public limited company.

Workers may stay in the job if working conditions are good, there are long holidays, good promotion chances, good pensions and good fringe benefits.

A function of money that enables people to borrow, pay back at a later date and to lend.

It may enable households to borrow more, increasing their spending, to increase their living standards, be able to buy housing or other basic necessities.

Few legal formalities exist, know their customers on a more personal level, Smaller firms are easier to manage and control.

medium of exchange, measure of value (unit of account) and standard of deferred payments.

More choice for consumers improved competition will causes prices to fall which will increase consumers’ real disposable income.

Reallocating resources will involve a movement along the PPC, this will involve an opportunity cost.

Wage rates are a key influence on the supply of workers, a decrease in wages would reduce the financial return from working, workers may decide to switch jobs.

It may encourage households to get into debt borrowing more than they can repay. It may encourage inefficient firms to expand, rising costs , increasing prices.

Occupational mobility is influenced by education and training, Geographical mobility is influenced by the price/availability of housing and family ties