Economics

Economics seeks to explain ideas such as ‘why does the government bailout firms?’ ‘What does Brexit mean for the UK economy?’ ‘Inflation is 3%, what’s the big deal?’ ‘Does the NHS have a future?’ If you are seeking a challenging but interesting GCSE, then Economics is the subject for you.

This subject will suit you if you are interested in doing a new GCSE and broadening your understanding of what is happening in the country and the world in general. 

Economics requires an analytical mind-set and there is a strong correlation between Mathematics and Economics. Students who are successful in Mathematics will find the analytical way of explaining concepts transfers easily to Economics.

Two written exams.  Each paper is 1 hour 30 minutes and makes up 50% of the final grade.

• Paper 1:  Introduction to Economics.
• Paper 2: National and International Economics.

Economics can help you prepare for Further and Higher Education such as A Levels and in particular A Level Economics. You will become skilled in: making decisions, analysing data, solving problems, communicating and working as part of a team. Economics is a highly regarded qualification by universities and employers alike. 

Economics could lead to work in a profession such as Statistics, Government and Banking.  An Economics qualification can boost your employability in many areas, regardless of the industry you work within.

Half Term 1 - Introduction to Economics; Role of markets and money

Underpins the basic economic problem and why we study economics.  Covers key terms and concepts that students need to know to progress to the next topic area

Half Term 2 - Demand

Basic principles behind factors that affect demand and how to draw the curve.  Helps build a gradual picture of supply and demand ready for half-term 4 and 5.

Half Term 3 - Supply

Basic principles behind factors that affect supply and how to draw the curve.  Helps build a gradual picture of supply and demand ready for half-term 4 and 5.

Half Term 4 - Price

Bringing supply and demand together so students can understand the impact of changes on both price and quantity.  Need to have understood Demand and Supply to complete this.

Half Term 5 - Competition and Production

Different types of competition that exist in the economy. A more difficult concept and students need to know about the function of price in order to understand how firms decide what price to set.

Half Term 6 - Cost, revenue and profits

Leads on from the topic of price.  Links in with cost and revenues and how this impacts on the profits that firms make.  Again a gradual learning experience where students learn about the costs of production and how much revenue they make in order to understand whether they make a profit.

Half Term 1 - The role of markets and money

Leading on from the earlier unit of costs, this half-term looks at the costs of labour and how wages are determined.  Students will need to understand and calculate gross and net profit. This term will also look at the financial markets and the roles of banks.  This leads to the next unit which looks at the economy as a whole. When we do monetary policy in Year 11, it will build on this unit of work.

Half Term 2 - Economic Growth

The first of the macro topics and macro economic objectives.  Economic growth affects all of the other macro-objectives and it is therefore important that this is taught first.

Half Term 3 - Unemployment

Second macroeconomic objective.  We talk about how economic growth and a fall in economic growth could affect unemployment.

Half Term 4 - Distribution of income and wealth and inflation

Third macro-economic objective.  We talk about how economic growth causes inflation.  We then develop this to understand how an increase in inflation and the previous economic objectives can have an impact on the distribution of income.

Half Term 5 - Fiscal policy

Macro-economic policy which is used to control the macro-economic objectives covered from Half Term 2 to Half Term 4.

Half Term 6 - Revision

Revise everything for a paper one mock exam in June.

This looks to take all the theory learnt to date and bring it together using exam practice skills and analysis and evaluation which have been developed so far over the course.

Half Term 1 - Monetary policy and supply-side policy and limitations of markets (externalities)

Macro-economic policy which is used to control the macro-economic objectives covered from half-term 2 to half-term 4

Also covers topic of externalities and government intervention which is a difficult topic to understand.  This is the reason it is taught in year 11 and much later in the course. This is a topic students will struggle with.

Half Term 2 - International trade

Moves into international trade and the last topic.  This can be difficult for students to understand. Starts with a ‘gentle’ intro into what international trade is and the difference between imports and exports.

Half Term 3 - BoP and exchange rates

THE most difficult topic.  Spend a great deal of time on this .  Students struggle with the Balance of Payments concept.  We link it in with economic growth and the macro variables such as inflation and how this affect imports and exports.  The topic of exchange rates is used to explain how the exchange rate can affect the balance of payments and this is the reason why they are taught alongside each other in this topic.

Half Term 4 - Globalisation

The impact of globalisation on consumers, firms and the economy.  This leads on for the topic of international trade.

Half Term 5 - Exam prep

Preparation for mock exam (paper 2). Brings everything together and we focus on the 6-mark questions of analysis and evaluation at this stage.

Half Term 6 - Exam

ECONOMICS (MICRO)

Half Term 1 - Economic Problem, PPF and specialisation and division of labour

Why we sequence the scheme of work this way

To give students a basic understanding of the basic economic problems of scarcity and choice.  Builds on the notions of opportunity cost.

Half Term 2 - Price mechanism and elasticities

Why we sequence the scheme of work this way

Gives students an understanding of the core concepts of supply and demand which are used throughout the course.  Elasticity is introduced to give an understanding of the effects of changes in prices, for example, due to indirect tax.  Expands on equilibrium with the price mechanism.

Half Term 3 - Market failure and externalities, public goods and information gaps

Why we sequence the scheme of work this way

Introduce notion of market failure and how markets do not deliver the optimal allocation of resources.

Half Term 4 - Government intervention and government failure 

Why we sequence the scheme of work this way

Government policies to correct the market failures learnt from the previous half term and how government intervention can lead to failure and further market failure.

Half Term 5

Why we sequence the scheme of work this way

Consolidation; PPE preparation; feedback from PPE.

Half Term 6

Why we sequence the scheme of work this way

Introduction to Year 13: Growth; Costs and Revenues. Objectives of the firm.

ECONOMICS (MACRO)

Half Term 1 - Intro to the economic objectives & national income/economic growth

Why we sequence the scheme of work this way

Students need to know that the economic objective of economic growth has an impact on all the other objectives. Therefore we start with this rather than inflation as per the exam board SOW.

Half Term 2 - Focus on each macro economic objective (inflation, unemployment)

Why we sequence the scheme of work this way

Now students have an understanding of economic growth they gain an understanding of the other objectives and how economic growth affect these, and these in turn affect economic growth.

An introduction to AD/AS helps students understanding diagrammatically the impact of one objective on others.

Half Term 3 - Economic Growth and Balance of Payments

Why we sequence the scheme of work this way

The final objective ‘Balance of Payments’ is related to trade, therefore students need a basic understanding of trade and how this affects AD/AS to influence economic growth.

Half Term 4 - Demand side & supply side policies and conflicts in objectives

Why we sequence the scheme of work this way

Now students understand the economic objectives and the inter-related nature of these, students can now learn how government policies of monetary, fiscal and supply side can affect these objectives. Using a diagram to help support their analysis.

Half Term 5

Why we sequence the scheme of work this way

Preparing students for their end of year exams

Half Term 6

Why we sequence the scheme of work this way

Introduction to year 13. Cost and revenue curves and moving on from standard supply and demand diagrams to more complex diagrams that offer an opportunity to develop analysis.

Half Term 1 - Recap on costs and revenues; objectives of the firms; competition

Why we sequence the scheme of work this way

Students need to understand how different market structures affect firms’ behaviour and how this affects consumers.

Half Term 2 - Government intervention; the labour market

Why we sequence the scheme of work this way

Understand the workings of the labour market looking at this as a factor market and not a product market. Understanding of a monopoly from the previous lesson will help students grasp this tricky concept.

Government intervention in regulating markets so that firms are not able to exploit consumers for their own self-interest.

Half Term 3 - Trade, exchange rates and balance of payments

Why we sequence the scheme of work this way

International Trade has been growing at a fast rate over the last few decades.  Students need to understand why trade takes place and the benefits and costs of trade. This widens students knowledge of globalisation and some of the issues it brings in terms of systemic risk.

Half Term 4 - Emerging and developing economies. Poverty and inequality; financial markets

Why we sequence the scheme of work this way

Leading on from the earlier half term students can now understand the impact of international trade on emerging and developing economies.

Half Term 5 - Macroeconomic policies in a global context

Why we sequence the scheme of work this way

It is important to understand how government policies are used in different countries to achieve economic objectives. Prior understanding of government objectives, policies and developed and developing economies are important to apply this concept.

Half Term 6 - Exams