2.
Switch to the channels pallet: Windows>Show Channels. Make a new channel.

3.
Select a light gray color from the Swatches pallet. Now select the Paintbrush tool and then select a soft brush from the brushed pallet. Paint a wavy stroke on this channel.

4.
Go to Filter>Pixelate>Color Halftone. Click OK.

5.
Switch back to the Layers Pallet. Click on the background layer. Now make a new layer. Go to Selection>Load Selection and select "Alpha 1" where is say Channel.

6.
Choose a color from the Swatches Pallet. Go to Edit>Fill and for contents choose foreground color and click OK.

Add more effects to the dots with Photoshop's Layer Effects: Layer>Effects.
Drop Shadow

Bevel and Embos

Inner shadow