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.

Introduction to Economics:

•  Supply and Demand
• Production
• Economic Problem
• Elasticity
• The Role of Markets and Money

National and International Economics:

• Economic objectives and the role of government
• International trade and the global economy

Two papers at the end of Year 11

Paper 1:  Introduction to Economics – 1.5 hours

Paper 2: National and International Economics – 1.5 hours

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.

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