Year 11 - Citizenship
How can communities improve the local economy?
How can the local economy support sustainability?
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This pupil-friendly study guide includes a unit summary, clear notes, common mistakes, and quick questions with answers.
Unit Summary
Using the example of sustainability, students consider the local economy and its impact on citizens and their local communities.
Lesson Summary
You will learn to explain what businesses make up your local economy and how small businesses contribute to the local economy.
Key Notes
- Local economies include businesses like shops, financial institutions and social enterprises that support growth.
- Markets and credit unions help local people by providing goods, services and financial support.
- Small businesses create jobs, drive innovation and keep money circulating locally.
- Taxes from businesses fund public services like schools, healthcare and transport.
- Small businesses also support communities through charity, events and local investment.
Vocabulary To Learn
- local economy: all business activity and wealth creation in a specific area, town or community
- small business: independently owned companies that contribute to local employment and the local economy; they contain 0-49 employees
Common Mistakes To Avoid
- Only large businesses contribute to the local economy.
3 Quick Questions (With Answers)
1. Explain the lesson in two key points.
Local economies include businesses like shops, financial institutions and social enterprises that support growth. Markets and credit unions help local people by providing goods, services and financial support.
2. What does this key word mean in this lesson? 'local economy'
all business activity and wealth creation in a specific area, town or community.
3. Correct this common mistake.
Mistake: Only large businesses contribute to the local economy. Correction: Small businesses also play a crucial role in job creation, local investment and community development. They generate employment, keep money circulating within the community and contribute significantly through taxation.
More Lessons In This Unit
- How can shopping locally and sustainably help the local economy? Study Guide
- How does taxation support the growth of the local economy? Study Guide
- How does the local economy affect our lives? Study Guide
- How have shopping habits transformed over time? Study Guide
- What drives a successful nighttime economy? Study Guide
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