United Kingdom · National Curriculum Attainment Targets
Year 10 Economics
An introductory exploration into how individuals, firms, and governments make decisions under conditions of scarcity. Students analyze market forces, evaluate government interventions, and develop the analytical tools required to understand the modern global economy.
The Economic Problem and Markets
Foundational concepts of scarcity, opportunity cost, and the mechanics of how prices are determined through supply and demand.
Investigating the fundamental problem of finite resources vs infinite wants and the resulting need for trade-offs.
Analyzing how consumer preferences and income levels influence the quantity of goods purchased at various price points.
Examining producer behavior and the price mechanism that clears markets.
Production, Costs, and Revenue
Focusing on the internal logic of the firm and how businesses seek to maximize profit through efficient resource allocation.
Exploring why firms grow and how size can lead to lower average costs.
Analyzing the factors that determine wages and the importance of human capital.
Comparing competitive markets against monopolies and oligopolies.
Market Failure and Government Intervention
Investigating why markets sometimes fail to allocate resources efficiently and how governments attempt to correct these failures.
Studying the spillover effects of production and consumption on third parties.
Understanding why the private sector under-provides essential services like street lighting or education.
Analyzing how imbalances in knowledge between buyers and sellers lead to market inefficiency.
Managing the National Economy
An introduction to macroeconomics, focusing on national objectives such as growth, inflation, and unemployment.
Measuring the total output of an economy and the factors that drive long-term prosperity.
Examining the causes and consequences of rising price levels in the economy.
Analyzing the types of unemployment and the economic impact of joblessness.
Economic Policy Tools
Evaluating how the government and central bank use fiscal and monetary policy to influence economic activity.
Using government spending and taxation to manage aggregate demand.
The role of interest rates and the central bank in controlling the money supply.
Long-term strategies designed to increase the productive capacity of the economy.
Global Economics and Personal Finance
Broadening the scope to include international trade and the practical application of economics to personal financial management.
Understanding why nations trade and the impact of globalization.
Analyzing the economic challenges of climate change and global inequality.
Applying economic principles to saving, borrowing, and budgeting.