Economics
Economics has an impact on every aspect of our lives. With an emphasis on data interpretation and application of knowledge to the real world, students will understand how economics is all about choices and the consequences of these choices.
Head of Economics | Mrs R Hall | R.Hall@glynschool.org |
Why study this subject?
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.
Is it right for me at GCSE?
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.
How is this course assessed at GCSE?
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.
Further education opportunities after GCSE?
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.
Career opportunities?
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.
Year 10 sequence of lessons
Half Term 1 - Economic Foundations (3.1.1)
Students look at the nature and purpose of economic activity based on the production of goods and services and the satisfaction of needs and wants. Students explore the factors of production, leading to an understanding of how and why choices are made. Students will come to an understanding that there is always a cost attached to any economic choice.
Half Term 2 - Resource Allocation (3.1.2)
Students look at the role of markets in allocating scarce resources. This leads into an exploration of the different economic sectors and concludes with a look at benefits and costs of specialisation, the division of labour and how this naturally leads to exchange.
Half Term 3 - How Prices are determined (3.1.3)
Students explore how prices are determined in a market using supply and demand. They look at intermarket relationships to understand the impact that changes in supply and demand in one market can have on other markets. The section concludes with an investigation of price elasticities, including how they are calculated and interpreted.
Half Term 4 - Production, costs, revenue and profit (3.1.4)
Students explore the significance of cost, revenue and profit for producers, leading to an understanding of the significance of productivity on increasing profits. Students explore the concept of economies of scale and the benefits these can bring.
Half Term 5 - Competitive and concentrated markets (3.1.5)
Students come to an understanding that there are different types of market structures and explore competitive and non-competitive markets. Finally, students will look at the operation of the labour market and factors that determine wages.
Half Term 6 - Market failure (3.1.6)
Students explore the meaning of market failure and gain an understanding that the market mechanism does not always allocate resources efficiently. Students will explore the costs associated with misallocation of resources, and how government intervention can counter this.
Year 11 sequence of lessons
Half Term 1 - Introduction to the National Economy (3.2.1)
Students explore how government spending and taxation can influence the level of economic activity. Interest rates will be introduced briefly in order to illustrate the effect on saving, borrowing and spending.
Half Term 2 - Government Objectives (3.2.2)
Students study the principal economic objectives of stable prices, economic growth, full employment and the Balance of Payments. For each of the government objectives, students look at how they are measured, the factors that cause them and their implications, both positive and negative, for an economy. Students will learn that policies designed to achieve one of the objectives can often impact positively or negatively on achieving the other objectives.
Half Term 3 - How the government manages the economy (3.2.3)
Students examine the tools available to the government to manage the economy. Government economic policies will be looked at, with a focus on monetary, fiscal and supply-side policies. Each policy will be examined in turn to show how they can be used to influence economic performance. Government policies to affect the distribution of income and the correction of negative externalities are also addressed.
Half Term 4 - International trade and the global economy (3.2.4)
Students look at why countries trade and the importance of international trade to the UK. The measurement of UK trade through the balance of trade is examined, as are the causes of current account surpluses and deficits within the overall balance of payments. Students consider how exchange rates are determined as well as the impact that changes in exchange rates have on producers and consumers. Students also explore the advantages of free-trade agreements, their impact and the significance of the European Union. The benefits and drawbacks of globalisation will be looked at, including the moral and ethical aspects associated with the increase in global trade, and the role of the multinational corporations.
Half Term 5 - The role of money and financial markets (3.2.5)
Students look at the role of money, its functions and the role and importance of the financial markets. The importance to consumers, producers and government with respect to saving, borrowing and spending will be examined.
Half Term 6 - Revision for exams
Year 12 sequence of lessons
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.
Year 13 sequence of lessons
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