Contents


How to use this book ........................................................................................................ 4 What is Economic and Management Sciences? ................................................................. 5


Term 1 The economy and entrepreneurship 7


Unit 1 History of money ......................................................................................................... 8 Unit 2 Needs and wants ........................................................................................................ 16 Unit 3 Goods and services .................................................................................................... 24 Unit 4 Businesses .................................................................................................................. 32


Summary of Term 1 ................................................................................................................40 Exemplar controlled test ....................................................................................................... 42


Term 2 Financial literacy 43


Term 1 Revision .................................................................................................................... 44 Overview of what you will learn in Term 2 ........................................................................... 47 Unit 1 Accounting concepts ................................................................................................. 48 Unit 2 Income and expenses .................................................................................................57 Unit 3 Budgets ...................................................................................................................... 65


Summary of Term 2 ...............................................................................................................74 Exemplar mid-year examination .......................................................................................... 75


Term 3 Entrepreneurship and the economy 78


Term 2 Revision .................................................................................................................... 79 Overview of what you will learn in Term 3 .......................................................................... 81 Unit 1 The entrepreneur ....................................................................................................... 82 Unit 2 Starting a business ..................................................................................................... 90 Unit 3 Entrepreneur’s Day .................................................................................................. 101 Unit 4 Inequality and poverty ............................................................................................ 107


Summary of Term 3 ..............................................................................................................114 Exemplar controlled test ..................................................................................................... 115


Term 4 The economy and financial literacy 117


Term 3 Revision .................................................................................................................. 118 Overview of what you will learn in Term 4 ........................................................................ 120 Unit 1 The production process ........................................................................................... 122 Unit 2 Savings ..................................................................................................................... 129


Summary of Term 4 ..............................................................................................................139 Term 4 Revision .................................................................................................................. 141 Examination preparation .................................................................................................... 143 Exemplar end-of-year examination .................................................................................... 151 Programme of Assessment ....................................................................................................154 Glossary ............................................................................................................................... 155 Acknowledgements ............................................................................................................. 158


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