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.
01The 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.
Understanding opportunity cost as the next best alternative foregone when making a choice.
Illustrating resource allocation, scarcity, and efficiency using the Production Possibility Frontier (PPF).
Comparing different ways societies organize their economies to address the economic problem.
Exploring the factors that influence consumer demand and cause shifts in the demand curve.
Understanding the factors that influence producer supply and cause shifts in the supply curve.
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.
Measuring the responsiveness of producers to changes in price and its impact on market adjustments.
Exploring how changes in income affect demand for different types of goods.
Understanding how the price of related goods affects the demand for a specific product.
Understanding the welfare gains for consumers and producers in a market.
02Market Failure and Government Intervention
Examines why markets sometimes fail to allocate resources efficiently and how governments attempt to correct these failures.
Defining market failure and identifying its various forms where markets fail to achieve allocative efficiency.
Analyzing the impact of production activities on third parties who are not involved in the transaction.
Investigating the impact of consumption activities on third parties not involved in the transaction.
Investigating goods that provide benefits to third parties and are under-provided by the private sector.
Examining goods that are non-rivalrous and non-excludable, leading to market failure.
Exploring situations where one party in a transaction has more or better information than the other.
Analyzing how governments use indirect taxes to correct market failures, particularly negative externalities.
Analyzing how governments use subsidies to encourage the provision of merit goods and positive externalities.
Exploring non-fiscal methods governments use to influence market behavior and correct failures.
Examining the effects of government-imposed price ceilings and price floors on markets.
Evaluating cases where government intervention leads to a net welfare loss or unintended consequences.
Applying economic principles to environmental issues, focusing on market-based solutions like pollution permits.
03Measuring the National Economy
Introduces the key macroeconomic indicators used to assess the health of a country's economy.
Distinguishing between microeconomics and macroeconomics and identifying key macroeconomic objectives.
Understanding how national output is measured and the factors that contribute to long term growth.
Critically examining the shortcomings of GDP and exploring alternative indicators of welfare.
Examining the causes and consequences of rising price levels on consumers and firms.
Understanding how inflation is measured using consumer price indices and retail price indices.
Exploring the causes and consequences of a sustained fall in the general price level.
Analyzing the different types of unemployment and their impact on the circular flow of income.
Examining the economic and social costs associated with high levels of unemployment.
Illustrating the flow of money, goods, and services between households, firms, and the government.
Understanding the components of aggregate demand and factors causing shifts in the AD curve.
Understanding the components of aggregate supply and factors causing shifts in the AS curve.
Analyzing the interaction of aggregate demand and aggregate supply to determine equilibrium output and price level.
04Government Policy and Management
Focuses on the tools used by authorities to manage the economy through fiscal and monetary measures.
Overview of the main policy tools available to governments to achieve macroeconomic objectives.
Analyzing how government spending influences aggregate demand and economic activity.
Analyzing how different types of taxation influence aggregate demand and resource allocation.
Understanding the causes and consequences of government borrowing and national debt.
Exploring the role of the Central Bank in controlling interest rates and their impact on the economy.
Understanding unconventional monetary policy tools like quantitative easing and their effects.
Investigating strategies designed to increase the productive capacity of the economy through labour market reforms.
Exploring policies aimed at improving efficiency and competition in product markets.
Examining the challenges governments face when trying to achieve multiple macroeconomic objectives simultaneously.
Understanding the functions and independence of the UK's central bank.
Understanding the functions and responsibilities of the UK's finance ministry.
Analyzing real-world examples of fiscal and monetary policy implementation.
05Global Markets and International Trade
Examines the reasons for international trade and the impact of globalization on different economies.
Exploring the reasons why countries engage in international trade and its benefits.
Understanding the theories that explain patterns of international trade.
Comparing the benefits of open borders with the arguments for protecting domestic industries.
Examining tariffs as a tool governments use to restrict international trade.
Differentiating between quotas and subsidies as protectionist measures.
Understanding how the value of a currency is determined in foreign exchange markets.
Analyzing how changes in exchange rates affect international competitiveness and trade flows.
Understanding the components of a country's current account and its significance.
Exploring the capital and financial accounts and their role in international transactions.
Evaluating the integration of world economies and the factors driving this process.
Examining the effects of globalization on employment, wages, and industries in developed nations.
Evaluating the effects of globalization on economic development and poverty reduction in developing nations.
06Personal Finance and the Role of Money
Connects economic theory to individual financial management and the banking system.
Understanding the essential roles money plays in a modern economy.
Investigating how banks facilitate the flow of funds between savers and borrowers.
Differentiating between various financial institutions and their roles in the economy.
Analyzing the costs of different forms of credit and the impact of debt on household welfare.
Exploring various forms of credit available to consumers and their associated risks.
Evaluating different methods of saving and the relationship between risk and reward.
Differentiating between various savings accounts, bonds, stocks, and other investment vehicles.
Developing skills for effective personal budgeting and long-term financial planning.
Understanding the role of insurance in mitigating financial risks for individuals.
Learning about consumer rights and how to protect oneself from financial fraud.
Understanding different pension schemes and the importance of long-term retirement planning.
Exploring the process of obtaining a mortgage and the factors affecting housing affordability.