Section 1: Where does our income go?
Children should learn:
- about where the income of an individual and a family comes from
- about the different ways in which income can be used, including the role of saving
- about the purpose of taxation
- how government raises money through different forms of direct and indirect taxation
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Section 2: What is the economy and how does it function?
Children should learn:
- about how and why government spends its money
- what the economy is and how it functions
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Section 3: How does the economy stay on track?
Children should learn:
- how the economy can change and how this affects business, eg stability, booms and slumps, and changes to unemployment rates and inflation
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Section 4: What are the economic links and connections between the UK and the rest of the world?
Children should learn:
- about the interdependence of the UK economy and the world economy
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