At the end of this unit
most pupils: understand what the economy is and the interconnected roles and responsibilities of government, business and individuals. They realise that government expenditure depends on the amount of tax that is collected and therefore on people's sense of responsibility as taxpayers. They appreciate that the government uses policies to try to keep the economy stable. They know that the UK economy is affected by events and changes in the world economy and can give examples of how this might happen.
some pupils have not made so much progress and: understand that individuals contribute to the UK economy through the money they spend, the tax they pay and the job they do. They appreciate that the services provided by government depend on the amount of tax collected.
some pupils have progressed further and: have an understanding of what the economy is and the interconnected roles and responsibilities of government, business and individuals. They understand that government expenditure depends on the amount of tax paid and therefore on people's sense of responsibility as taxpayers. They identify different ways in which the government raises money through direct and indirect taxation and can give examples of these. They understand that the UK economy is influenced by a wide range of factors, including government policy, trade and the world economy.
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