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

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

A monopoly firm can take advantage of economies of scale reducing average costs of production, the removal of monopoly power may increase prices for consumers.

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

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.

Generally acceptable, Portable, Divisible, Recognisable, Limited in supply, Homogeneous

yes, to reduce borrowing if people and firms are building up unsustainable debt. No, it may reduce the economic growth rate as it may discourage investment.

may be in higher supply as work may require fewer qualifications/less skill, may have less bargaining power as they may not belong to a trade union

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

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

small firms have limited start-up capital, small firms have the largest risk of business failure

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