- explain the role of the main economic groups: consumers, producers and the government, including their interdependence
- explain the factors of production: land, labour, capital and enterprise, including how they might be combined
- explain what is meant by scarce resources and unlimited wants
- explain the economic problem, including the questions of how resources should be allocated, what, for whom and how goods and services should be produced
- explain what is meant by opportunity cost
- evaluate the costs and benefits of economic choices, including the impact on economic, social and environmental sustainability.
Economics Years 9-11
Economics Modules - Year 9-11
Introduction to Economics
The Role of Markets and Money
- explain the features of the primary, secondary and tertiary sectors, including the difference between the production of goods and services
- evaluate the costs and benefits of specialisation and exchange in markets including for producers, workers, regions and countries
- explain price elasticity of demand
- draw demand curves of different elasticity
- evaluate the importance of price elasticity of demand for consumers and producers
- evaluate the importance of price elasticity of supply for consumers and producers
- analyse how the market forces of demand and supply affect equilibrium price and quantity
- explain the meaning of monopoly and oligopoly and how they differ from competitive markets
- explain what is meant by economies of scale
- explain and calculate gross and net pay, including deductions through income tax, national insurance and pension contributions
- analyse how different interest rates affect the levels of saving, borrowing and investment
- calculate the effect on savings and borrowings of changes in the rate of interest.
Economic Objectives and the Role of Government
- analyse the determinants of economic growth, including investment, changes in technology, size of workforce, education and training, availability of natural resources and government policies
- evaluate the costs and benefits of economic growth, including the impact on economic, social and environmental sustainability
- explain the types of unemployment, including cyclical, frictional, seasonal and structural unemployment
- evaluate the causes and consequences of unemployment for individuals, regions and the government
- evaluate the causes of differences in the distribution of income and wealth and the consequences for an economy
- calculate the effect of inflation on prices
- analyse recent and historical inflation figures
- evaluate the causes of inflation and the consequences for consumers, producers, savers and the government
- evaluate economic consequences of measures to redistribute income and wealth, including progressive taxes
- evaluate the costs, including opportunity cost, and the benefits of government policies to correct positive and negative externalities.
International Trade and Global Economy
- explain why countries import and export goods and services and the benefits of this for consumers and producers
- explain free trade agreements including the European Union
- evaluate the importance of the balance of payments on current account to the UK economy
- evaluate the causes of surpluses and deficits of the balance of payments on current account
- calculate deficits and surpluses
- explain globalisation, including its driving factors
- explain how development is measured, including GDP per capita, life expectancy, access to health care, technology and education
- evaluate the costs and benefits of globalisation to producers, workers and consumers in developed countries, including the impact on economic, social and environmental sustainability
- evaluate the costs and benefits of globalisation to producers, workers and consumers in less developed countries, including the impact on economic, social and environmental sustainability