Economics

Economics is a social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy unlimited wants.   

The fundamental aims of the Economics department focus on instilling within pupils a real enthusiasm for and engagement with the subject, equipping them with the necessary skills to succeed in the world of work with the attributes necessary to be successful in their chosen career. The department aspiration is that students that study Economics will be financially perceptive, knowledgeable of the world, logical and ambitious members of society. 

At KS4 the curriculum intent is guided by the exam board specification and aims to develop the skills and knowledge of the subject. The OCR J205 GCSE Economic specification has been chosen due to the breadth of knowledge and understanding that it offers our students. It is challenging which suits the educational environment of students at a high performing selective school grammar school. This course develops the knowledge, understanding and skills that are desirable for those that are wishing to progress onto the A Level Economic course.  

By the end of KS4 pupils are expected to be able to: 

·  Understand how Economic on a UK and global scale effects our everyday lives. 

·  Show the understanding of economics events and current affairs. 

·  Use quantitively and qualitative skills to support their analytical and evaluative points.  

·  Apply their knowledge and understanding of economic concepts, models and theories in context. 

 

At KS5 the curriculum intent is once again guided by the exam board specification and aims to further develop on the skills and knowledge acquired at in other subjects.  The Edexcel Economics A specification was chosen for its pure Economics focus which provides the breadth of content and rigour necessary to enthuse, challenge and engage the pupils at this high performing selective grammar school. Pupils acquire the knowledge, skills and understanding needed to progress to undergraduate study at a higher education establishment, particularly degrees in economics with a focus on theory, or degrees in applied economics such as environmental economics, labour economics, public sector economics or monetary economics.  

By the end of KS5 pupils are expected to be able to: 

· Demonstrate an interest in, and enthusiasm for, the subject by independently keeping up to date with real-life examples and current affairs. 

· Demonstrate an awareness of current economic events and policies. 

·  Appreciate the contribution of economics to the understanding of the wider economic and social environment. 

· Confidently use their quantitative skills to interpret and utilise numerical data to support analytical points. 

· Apply knowledge and understanding of economic concepts and models to both familiar and unfamiliar contexts.  

• Introduction to Economics: Main Economic groups and factors of production; the basic economic problem; the roles of market; demand; supply; price; competition; production; the labour market; the role of markets and money

• Economic objectives and the role of government: Economic growth; low unemployment; fair distribution of income; price stability; Fiscal Policy, Monetary policy; Supply-side policies; Limitations of markets.
• International trade and the global economy; Importance of international trade; Balance of payments; Exchange rates; Globalisation.

Theme 1: Introduction to markets and market failure

• Nature of economics

• How markets work

• Market failure

• Government intervention.

Theme 2: The UK economy – performance and policies

• Measures of economic performance

• Aggregate demand

• Aggregate supply

• National income

• Economic growth

• Macroeconomic objectives and policy

 Theme 3: Business behaviour and the labour market

● Business growth & business objectives

● Revenues, costs and profits

● Market structures

● Labour market

● Government intervention

Theme 4: A global perspective

● International economics

● Poverty and inequality

● Emerging & developing economies

● The financial sector

● Role of the state in the macroeconomy.

• Actuary
• Chartered public finance accountant
• Compliance officer
• Data analyst
• Economist
• Financial manager
• Financial risk analyst
• Internal auditor
• Investment analyst
• Political risk analyst
• Statistician
• Stockbroker
• Tax adviser