The study of economics is concerned with forces and factors that influence the way in which we operate as a society, such as unemployment, growth and government decision making.
Students are introduced to fundamental economic terms and concepts and learn how to apply these to investigate and explain how markets work in contemporary and historical economic contexts. They study the different roles and perspectives of the main economic agents and how they interact in the economy. Students develop the ability to use and interpret quantitative data to justify economic decisions. They learn to appreciate that all economic choices have costs and benefits. This encourages them to consider the moral, ethical and sustainability issues that arise due to economic activity in a range of national and global contexts.
Economics teaches a very precise, logical and analytical method for approaching issues as well as the foundations for understanding technical economic theory. Students learn valuable life skills relating to personal finance, alongside using technical theory to analyse current economic issues. A challenging subject, Economics develops students’ quantitative and qualitative skills with a focus on critical thinking.
KEY STAGE 4
- Half Term 1: the factors of production; economic agents; and specialization.
- Half Term 2: demand; supply; and the price mechanism.
- Half Term 3: competition; and production.
- Half Term 4: the labour market; and financial markets
- Half Term 5: the role of money; and interest rates.
- Half Term 6: the interaction of the factors of production and the economic agents.
- Half Term 1: economic growth; unemployment; and income distribution.
- Half Term 2: price stability; fiscal policy; monetary policy; and supply side policies.
- Half Term 3: the limitations of markets; international trade; and the balance of payments.
- Half Term 4: exchange rates; and globalisation.
- Half Term 5: Revision
- Half Term 1: micro economics - the basic economic problem; supply and demand; and elasticities.
- Half Term 2: micro economics - market failure; government intervention; and government failure.
- Half Term 3: macro economics - economic growth; Economic indicators; Employment; Aggregate demand; and aggregate supply.
- Half Term 4: macro economics - actual and potential growth; benefits and cost of growth; government objectives; and demand side and supply side policies.
- Half Term 1: Theory of the Firm - business objectives; company growth; revenue; costs and profits; and economies and diseconomies of scale.
- Half Term 2: Theory of the Firm - market concentration; market structures; oligopoly; and monopoly.
- Half Term 3: global economy - globalization; inequality; exchange rates; and trade.
- Half Term 4: global economy - barriers to development; fiscal and monetary policies; and development theory