Economics is a subject that is relevant to everything that happens in the modern world. From the recession to the current European Brexit debate, economics investigates the reasons for changes in different economies and the role that the government plays in influencing economic progress. Students of economics will understand how markets work and fail and the consequences of economic policies. The subject content looks at economic activity through the lens of consumers, producers, government and the workings of the global economy. As students go through the course they’re presented with opportunities to focus on real-world issues. Students should consider and reflect upon moral, ethical and sustainable issues that arise as a result of the impact of economic activity.
This course is assessed by two external examinations:
- Paper 1: How Markets Work (Micro)
- Paper 2: How the Economy Works (Macro)
Both papers are written examinations and are 1 hour 45 minutes in length. These are equally weighted and are worth 50% of the GCSE each.
What will I study on this course?
Year 9/10 Micro Economics:
Year 10/11 Macro Economics:
- Economic Activity – satisfying needs and wants of consumers, making choices between what and how to produce
- Factors of Production – what all firms need to produce – land, labour capital and enterprise.
- Supply and Demand – how markets work and how demand and supply will impact on prices. Why are diamonds more expensive than water?
- Different types of market, both competitive and non-competitive.
- Labour Markets – wage determination, why are footballers paid more than nurses?
- Interest rates, savings and borrowing • Government decisions and how the government manages the country
- Unemployment and growth
- International markets – will we be better off out of the EU?