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Term 1
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- To understand the role of the main economic groups: consumers, producers and the government and their interdependence
- To understand explain the factors of production: land, labour, capital and enterprise and how they might be combined
- To understand the economic problem, including the questions of how resources should be allocated
- To understand the costs and benefits of economic choices, including the impact on economic, social and environmental sustainability
- To understand the features of the primary, secondary and tertiary sectors, including the difference between the production of products and services
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Term 2
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- To understand the costs and benefits of specialisation and exchange in markets including for producers, workers, regions and countries
- To understand how to draw and explain demand / supply curves using data, including individual and market demand / supply, draw shifts of, and movements along, the demand curve
- To understand the causes and consequences for consumers and producers, of shifts of, and movements along, the demand / supply curve
- To understand price elasticity of demand / supply
- To understand price as a reflection of worth and its role in determining an efficient distribution of resources and what is meant by equilibrium price and quantity
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Term 3
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- To understand the interaction of demand and supply and the role of markets in the determination of price and the allocation of resources
- To understand how the market forces of demand and supply affect equilibrium price and quantity
- To understand competition between producers in a market economy, including the reasons why producers compete how competition affects price
- To understand the economic impact of competition on producers and consumers and the meaning of monopoly and oligopoly and how they differ from competitive markets
- To understand the role of producers, including individuals, firms and the government and the importance of production and productivity for the economy
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Term 4
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- To understand total cost, average cost, total revenue, average revenue, profit and loss
- To understand the importance of cost, revenue, profit and loss for producers, including how costs and revenues affect profit and supply and what is meant by economies of scale
- To understand the role and operation of the labour market, including the interaction between workers and employers and the determination of wages through supply and demand, including factors affecting the supply and demand of labour
- To understand gross and net pay, including deductions through income tax, national insurance and pension contributions
- To understand the role of money as a medium of exchange and the role of the financial sector for the economy, including financial institutions such as banks, building societies and insurance companies
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Term 5
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- To understand the importance of the financial sector for consumers, producers and government and how different interest rates affect the levels of saving, borrowing and investment
- To understand the effect on savings and borrowings of changes in the rate of interest
- To understand explain economic growth, how it is measured with reference to Gross Domestic Product (GDP) and GDP per capita
- To understand the determinants of economic growth, including investment, changes in technology, size of workforce, education and training, availability of natural resources and government policies
- To understand the costs and benefits of economic growth, including the impact on economic, social and environmental sustainability
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Term 6
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- To understand what is meant by employment and unemployment and how unemployment is measured using the Claimant Count
- To understand what is meant by the distribution of income, including different types of income and the difference between income and wealth
- explain what is meant by price stability and inflation, including the difference between real and nominal values
- To understand how inflation is measured using the Consumer Price Index (CPI) and the effect of inflation on prices
- Revision
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