United Kingdom · National Curriculum Attainment Targets
Year 13 Economics
An in depth exploration of market failures, firm behavior, and macroeconomic management. Students analyze complex trade-offs and evaluate government interventions in both domestic and international contexts.
Business Behavior and Market Structures
Examination of how firms operate within different competitive environments and the resulting impact on consumer welfare.
Analysis of production costs, revenue streams, and the primary objective of profit maximization versus alternative goals.
A comparative study of the extremes of market structures and their efficiency outcomes.
Exploring strategic interdependence and the behavior of firms in concentrated markets.
Labor Markets and Inequality
Analysis of how wages are determined and the economic consequences of wealth and income disparities.
Investigating how the demand for and supply of labor interact to set pay scales across different industries.
Evaluating the role of organized labor in modern economies and its impact on productivity.
Distinguishing between absolute and relative poverty and assessing methods of redistribution.
Macroeconomic Management
Evaluating the effectiveness of fiscal and monetary policies in achieving national economic objectives.
Detailed look at central bank operations, interest rates, and quantitative easing.
Analyzing government spending, taxation, and the long term implications of budget deficits.
Examination of policies designed to increase the productive capacity of the economy.
The Global Economy
Exploring international trade, exchange rates, and the impact of globalization on domestic stability.
Analysis of comparative advantage and the arguments for and against trade barriers.
Evaluating fixed, floating, and managed exchange rate regimes.
Understanding the current and financial accounts and the significance of deficits.
Economic Development
Investigating the differences between growth and development and the strategies used by emerging economies.
Moving beyond GDP to explore the Human Development Index and other qualitative measures.
Comparing inward looking versus outward looking strategies for economic progress.
Assessing the impact of bilateral, multilateral, and humanitarian aid on long term growth.
The Financial Sector and Personal Finance
Understanding the role of financial markets and the importance of individual economic decision making.
Exploring the functions of commercial banks, investment banks, and the need for systemic oversight.
Analyzing how individuals manage assets, debt, and risk over their lifetime.
Applying psychological insights to explain why consumers and investors often act irrationally.