Skip to content ↓

Economics

Subject: Economics

Subject/Curriculum Leader: Mr G Atkinson

Economics helps us to understand people and the economic choices that they make. Students will be empowered to realise that they are part of a global economy and that economics relates to every aspect of our lives – from the decisions of individuals or families to the structures created by governments and producers. Studying economics will also develop students’ understanding of how economic issues affect choices about resources and markets and vice versa.

In addition, learners will be equipped with the skills and confidence to explore how consumers, producers and governments interact in markets nationally and internationally and learners will become better-informed and more responsible citizens, consumers and producers, as they will develop an awareness for the importance of the economic dimension to their lives. This will allow them to become more confident in the economic choices that they make in relation to their life and work.

Key Stage 4

At Key Stage 4, students follow the OCR GCSE Economics (9-1) specification. Students will have 5 hours of taught lessons over their fortnightly timetable. Overall, there are 4 topics taught throughout the two-year programme. There are:

Topic 1 – Introduction to economics  

Topic 2 – The role of markets and money

Topic 3 – Economic objectives and the role of government

Topic 4 – International trade and the global economy

 

Year 10

In Year 10 students are taught knowledge and skills from topics 1 and 2.

 

Autumn term

Topic 1 – Introduction to economics 

In this topic students learn about the main economic groups (consumers, producers and government) and the factors of production: capital, enterprise, land and labour. Students are introduced the basic economic problem as well as concepts of scarcity, opportunity cost and sustainability.

 

Spring term

Topic 2 – The role of markets and money

 

Students are introduced to factor and product markets as well as the features of primary, secondary and tertiary sectors. In addition, students will be taught the knowledge and skills required to support them to evaluate the costs and benefits of specialisation and exchange.

Students are also introduced to the concepts of demand and supply as well as equilibrium price and quantity. In doing so, students learn how to construct and analyse demand and supply curves and interpret price elasticities.

 

Summer term

Topic 2 – The role of markets and money

Students are introduced to competitiveness and the features of monopoly, oligopoly and competitive markets. Students will be supported to evaluate and analyse the importance of production and productivity and in doing so will be able to calculate total and average cost, total and average revenue and profit and loss as well as demonstrate an understanding of economies of scale.

Students are then introduced to the labour market and its role within society as well as the role of money and financial markets.

 

Year 11

In Year 11 students are taught knowledge and skills from topics 3 and 4. 

 

Autumn term

Topic 3 – Economic objectives and the role of government

This component provides learners with an understanding of the main economic objectives and role of the government in achieving them. These include objectives relating to economic growth, unemployment, income and price stability.

 

Spring term

Topic 3 – Economic objectives and the role of government

Students are introduced to the role of government in relation to fiscal, monetary and supply side policies and the costs and benefits of each for the economy.

 

Summer term

Topic 4 - International trade and the global economy

Students are introduced to the concept of international trade and the role of imports and exports in relation to economic performance. Students will learn about the balance of payments on current account and the meaning of a balanced account as well as those in surplus or deficit. Finally, students are given opportunities to calculate and interpret exchange rate movements and demonstrate an awareness of how these influence global trade.