What this topic covers
Economic objectives and the role of government has 8 subtopics, including:
- Economic growth
- Low unemployment
- Fair distribution of income
- Price stability
- Fiscal policy
- Monetary policy
← Back to topics
GCSE OCR Economics · Topic 3 of 4
Economic objectives and the role of government – GCSE OCR Economics revision notes
Choose a subtopic. Economic objectives and the role of government covers Economic growth, Low unemployment, Fair distribution of income, and Price stability in GCSE OCR Economics. 25 lessons in 8 subtopics.
Revise Economic objectives and the role of government for GCSE OCR Economics, including Economic growth and Low unemployment. 25 lessons across 8 subtopics.
25
Lessons
8
Subtopics
Economic objectives and the role of government lessons by subtopic
25 lessons, grouped by subtopic.
Economic growth
- Intro to Economic Objectives
- Conflicts Between Economic Objectives
- Understanding Economic Growth
- Economic Growth: Causes, Consequences and Policy
Low unemployment
- Causes and Consequences of Unemployment
- Measuring Unemployment: The Claimant Count: Define employment and unemployment and distinguish between the two; Explain how the Claimant Count is used to measure unemployment in the UK; Evaluate the strengths and limitations of the Claimant Count as a measure of unemployment
Fair distribution of income
Price stability
- Understanding Inflation and Price Stability: Define inflation and explain what the rate of inflation measures; Explain how the Consumer Price Index (CPI) is used to measure the rate of inflation; Perform simple calculations using CPI figures to determine the rate of inflation
Fiscal policy
- Intro to Fiscal Policy & Government Budget
- Fiscal Policy's Effect on the Economy
- Balanced Budget, Surplus & Deficit
- UK Government: Income and Expenditure
- Direct vs. Indirect Taxation
- Progressive and Regressive Taxes
Monetary policy
Supply side policies
- Intro to Supply-Side Policies
- Supply-Side Policies: Types & Examples
- Advantages, Disadvantages & Government Objectives
Limitations of markets
- What is Misallocation of Resources?
- Government Intervention in Markets
- Understanding Externalities
- Positive & Negative Externalities in Action
- Government Policies to Correct Externalities: Explain what externalities are and distinguish between positive and negative externalities; Analyse government policies used to reduce negative externalities, including indirect taxes, regulation, tradeable permits and bans; Analyse government policies used to encourage positive externalities, including subsidies, direct provision and legislation
More in this course
Go back to the full GCSE OCR Economics topic list, or practise this topic with past-paper questions.
Frequently asked questions
What is Economic objectives and the role of government?
Economic objectives and the role of government covers Economic growth, Low unemployment, Fair distribution of income, and Price stability in GCSE OCR Economics. 25 lessons in 8 subtopics.
What are the UK Income Tax bands?
UK Income Tax is paid by individuals on earnings over a personal allowance of £12,570, then rises from 20% (basic rate) to 40% (higher rate) and 45% (additional rate) as earnings increase. The Direct vs. Indirect Taxation notes cover this in full.
What is GDP?
Gross Domestic Product (GDP) is the total value of all goods and services produced within a country's borders over a given period, usually one year. The Understanding Economic Growth notes cover this in full.
What is Capital Gains Tax?
Capital Gains Tax is a direct tax paid on profit made from selling assets such as property or shares. The Direct vs. Indirect Taxation notes cover this in full.
What is inflation?
Inflation is a sustained increase in the general price level of goods and services in an economy over a period of time. The Understanding Inflation and Price Stability notes cover this in full.
What is Corporation Tax?
Corporation Tax is a direct tax paid by companies on their profits. The UK Government: Income and Expenditure notes cover this in full.
What is the UK corporation tax rate?
UK corporation tax was cut from 28% in 2010 to 19% by 2017, one of the lowest in the G7, to attract foreign investment. The Supply-Side Policies: Types & Examples notes cover this in full.
What is a negative externality of production?
A negative externality of production occurs when a firm's production process harms third parties. The Positive & Negative Externalities in Action notes cover this in full.
What is Inheritance Tax?
Inheritance Tax is a direct tax paid on the value of an estate over a threshold when someone dies. The Direct vs. Indirect Taxation notes cover this in full.