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Term 1
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- To understand the purposes of government spending and sources of revenue, and what is meant by a balanced government budget, budget surplus and budget deficit
- To understand how taxes and government spending can affect markets as well as the overall economy
- To understand the costs, including opportunity cost, and the benefits of fiscal policy on the economy to achieve economic objectives
- To understand the economic consequences of measures to redistribute income and wealth, including progressive taxes
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Term 2
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- To understand the costs, including opportunity cost, and the benefits of monetary policy on the economy to achieve economic objectives
- To understand the costs, including opportunity cost, and the benefits of supply side policies on the economy to achieve economic objectives
- To understand what is meant by government policies to correct positive and negative externalities, including taxation and subsidies, state provision, legislation and regulation and information provision
- To understand the costs, including opportunity cost, and the benefits of government policies to correct positive and negative externalities
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Term 3
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- To understand why countries import and export goods and services and the benefits of this for consumers and producers
- To understand free trade agreements including the European Union
- To understand the balance of payments, a balanced current account, a current account surplus and current account deficit
- To understand and analyse recent and historical data on exports and imports
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Term 4
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- To understand globalisation, including its driving factors
- To understand how development is measured, including GDP per capita, life expectancy, access to health care, technology and education
- To understand the costs and benefits of globalisation to producers, workers and consumers in developed countries, including the impact on economic, social and environmental sustainability
- To understand the costs and benefits of globalisation to producers, workers and consumers in less developed countries, including the impact on economic, social and environmental sustainability
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Term 5
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Term 6
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