Money and the Economy for Ages 11 to 14 Course

What you will learn in 6 lessons

1. 1

   Needs and Wants

   Start here

   The learner explains scarcity, distinguishes needs, wants, goods and services, and uses opportunity cost to explain everyday choices by people, firms and governments.

   5 learning goals

   What you will learn

   1. 1.Tell needs from wants and goods from services
   2. 2.Explain scarcity and why it forces choices
   3. 3.Use opportunity cost and trade-offs to analyze choices
   4. 4.Explain how incentives shape choices
   5. 5.Explain the choices of businesses and governments and their effects on others
2. 2

   What Is Money

   The learner explains the functions and forms of money, how banks keep and move it, and compares cash, cards, transfers and mobile payments.

   5 learning goals

   What you will learn

   1. 1.Explain why people use money instead of barter
   2. 2.Describe the forms money takes and why people trust it
   3. 3.Use bank accounts and explain what banks do
   4. 4.Pay and move money in different ways
   5. 5.Compare ways to pay and pay safely
3. 3

   Budgeting and Saving

   The learner plans a personal budget, tracks income and spending, sets saving goals and decides between spending now and saving for later.

   6 learning goals

   What you will learn

   1. 1.Know where your money comes from and where it goes
   2. 2.Make a budget that balances
   3. 3.Track your money and keep your plan up to date
   4. 4.Set saving goals and build your savings
   5. 5.Decide between spending now and saving for later
   6. 6.Use budgets in real-life situations
4. 4

   Markets and Prices

   The learner explains how buyers and sellers meet in markets, why prices rise and fall with demand and supply, and how competition affects consumers.

   5 learning goals

   What you will learn

   1. 1.Explain what a market is and who takes part
   2. 2.Explain how demand and supply set a market price
   3. 3.Explain why prices rise and fall
   4. 4.Explain how competition affects consumers and businesses
   5. 5.Compare prices to get value for money
5. 5

   Work, Jobs and Income

   The learner describes economic sectors and jobs, explains why wages differ, and reads the difference between gross and net income in outline.

   6 learning goals

   What you will learn

   1. 1.Explain why people work and what forms work can take
   2. 2.Sort jobs into the sectors of the economy
   3. 3.Describe jobs and the skills they need
   4. 4.Explain how people get income and how much they keep
   5. 5.Explain why wages differ and what makes pay fair
   6. 6.Explore careers and plan the training to reach them
6. 6

   What Government Spends Money On

   The learner explains why governments provide some goods and services, how they raise money through taxes, and how a public budget is decided.

   5 learning goals

   What you will learn

   1. 1.Explain why governments provide goods and services
   2. 2.Show how governments raise money
   3. 3.Explain how social security protects people
   4. 4.Explain how a public budget is read and decided
   5. 5.Weigh choices about public spending