Section 1: Where does our income go?
Children:
- are aware that income comes from a variety of sources
- recognise that spending is limited by income, so people have to make choices, eg about saving, donating to charity, and that there are reasons for different choices
- understand that we are all required to pay taxes and that taxation takes different forms, giving examples
- know where to go for help and advice about personal finance
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Section 2: What is the economy and how does it function?
Children:
- know how and why government collects revenue through different forms of taxation
- identify how and why government spends money and give examples of public services
- recognise that benefits for society, eg state education, NHS healthcare and the welfare state, are paid for through taxation
- recognise what the economy is and that there are links and connections between individuals, business and government through the flow of money, products and activity, including work
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Section 3: How does the economy stay on track?
Children:
- identify problems that can result from economic change
- understand the government's role in dealing with the problems of instability in the economy
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Section 4: What are the economic links and connections between the UK and the rest of the world?
Children:
- know that the UK economy is connected to the rest of the world and that economies are interdependent
- understand that events in the rest of the world can affect the UK economy, and can give some examples
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