Many UK students work during the holidays, and some put aside part of what they earn to help meet their tuition fees. UK graduates earn, on average, £8500 more each year than non-graduates. In 2016, economics graduates had the second-highest average earnings of all UK graduates. The top 10% of economics graduates earned £115000 a year.
(a)[2]
What does the term earnings mean?
(b)[4]
Explain two non-wage factors that affect an individual's choice of occupation.
(c)[6]
Analyse why economics graduates receive high pay.
(d)[8]
Discuss whether people in developed countries are likely to save more than those in developing countries.
Worked solution & mark scheme
This 20-mark question has a full step-by-step worked solution and mark scheme. One marking point: “Money or income obtained from a factor of production” …