Department: Economics

Curriculum Intention: 

Economics is a Social Science which studies human behaviour, especially why certain choices are made by individuals, businesses and Governments.  We study how markets work and how they fail. In order to do so effectively, we study the dynamics of change at a micro level i.e. for individuals and companies, as well as at the macro level of Governments and International trading partners.

You will develop the knowledge and skills needed to understand data, think critically about issues and make decisions.  On this course, you will develop a range of transferable skills, such as numeracy and decision-making, as well as oral and written communication skills.  You will be expected to write extended essays, to understand and draw economic diagrams, to interpret data, statistics and to use economic formulae.

Curriculum Implementation: 

KS5
Exam Board Details – AQA Economics: www.aqa.org.uk/subjects/economics/as-level/economics-7135/specification; www.aqa.org.uk/subjects/economics/a-level/economics-7136/specification

Year 1 Units:
AS
Subject content
The operation of markets and market failure:

• Economic methodology and the economic problem
• Price determination in a competitive market
• Production, costs and revenue
• Competitive and concentrated markets
• The market mechanism, market failure and government intervention in markets
• The national economy in a global context
• The measurement of macroeconomic performance
• How the macroeconomy works : the circular flow of income, AD/AS analysis, and related concepts
• Economic performance
• Macroeconomic policy

Year 2 Units:
Subject content
Individuals, firms, markets and market failure:

• Economic methodology and the economic problem
• Individual economic decision-making
• Price determination in a competitive market
• Production, costs and revenue
• Perfect competition, imperfectly competitive markets and monopoly
• The labour market
• The distribution of income and wealth: poverty and inequality
• The market mechanism, market failure and government intervention in markets
• The national and international economy
• The measurement of macroeconomic performance
• How the macroeconomy works : the circular flow of income, AD/AS analysis, and related concepts
• Economic performance
• Financial markets and monetary policy
• Fiscal policy and supply-side policies
• The international economy
• Economics is examined in 3 two-hour papers consisting of MCQs, Essays, Case Studies and Data Response questions.

Monitoring and assessing curriculum impact: 

KS5 Learners are regularly assessed through a mixture of end-of-unit assessments, mock examinations, exam-style questions and continuous verbal feedback.