United Kingdom · National Curriculum Attainment Targets
Year 11 Economics
This course prepares students for the complexities of the modern global economy by analyzing how individuals, firms, and governments make decisions. Students will evaluate economic trade-offs and the impact of policy interventions on societal welfare.
The Economic Problem and Markets
Explores the fundamental concepts of scarcity and how price mechanisms allocate resources in a market economy.
Investigating how the basic economic problem forces agents to make choices between competing alternatives.
Analyzing how the interaction of supply and demand establishes equilibrium prices and quantities.
Measuring the responsiveness of consumers to changes in price and its impact on total revenue.
Market Failure and Government Intervention
Examines why markets sometimes fail to allocate resources efficiently and how governments attempt to correct these failures.
Analyzing the impact of production and consumption on third parties who are not involved in the transaction.
Investigating goods that are under-provided or not provided at all by the private sector.
Evaluating cases where government intervention leads to a net welfare loss or unintended consequences.
Measuring the National Economy
Introduces the key macroeconomic indicators used to assess the health of a country's economy.
Understanding how national output is measured and the factors that contribute to long term growth.
Examining the causes and consequences of rising price levels on consumers and firms.
Analyzing the different types of unemployment and their impact on the circular flow of income.
Government Policy and Management
Focuses on the tools used by authorities to manage the economy through fiscal and monetary measures.
Analyzing how government spending and taxation influence aggregate demand.
Exploring the role of the Central Bank in controlling the money supply and interest rates.
Investigating strategies designed to increase the productive capacity of the economy.
Global Markets and International Trade
Examines the reasons for international trade and the impact of globalization on different economies.
Comparing the benefits of open borders with the arguments for protecting domestic industries.
Understanding how the value of a currency is determined and how it affects international competitiveness.
Evaluating the integration of world economies and its effect on developing nations.
Personal Finance and the Role of Money
Connects economic theory to individual financial management and the banking system.
Investigating how banks facilitate the flow of funds between savers and borrowers.
Analyzing the costs of different forms of credit and the impact of debt on household welfare.
Evaluating different methods of saving and the relationship between risk and reward.