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Economics

Economics is all about choice and the impact of our choices on each other. It relates to every aspect of our life; from the decisions, we make as individuals or families to the structures created by governments and firms.

An economic way of thinking can help you make better choices. There are lots of opportunities to debate economic issues such as inequality, globalisation and the global financial crisis. 

Students explore and present alternative courses of action whilst keeping up to date with national and international trends and learning about the economic environment and business through research and investigation.

In Theme 1 and 2 of the course, students are to be introduced to the nature of economics, how markets work and why they fail, consumer choices and enterprise in the economy. They also consider the role of banks and life in the global economy. 

In Theme 3 and 4, students explore the impact of globalisation on consumers, firms and the labour market. They also investigate the role of the government and have an opportunity to consider the role and impact of the financial sector. 

 

Year 12

 

Learning outcomes

● Develop an interest in, and enthusiasm for economics.

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

● Develop an understanding of a range of concepts and an ability to use those concepts in a variety of different contexts.

● Use an enquiring, critical and thoughtful approach to the study of economics and develop an ability to think as an economist.

● Understand that economic behaviour can be studied from a range of perspectives.

● Develop analytical and quantitative skills.

Topics taught

Markets consumers and firms

● Scarcity, choice and potential conflicts.

● Enterprise, business and the economy.

● Introducing the market.

● The role of credit in the economy.

● Market failure and government intervention.

● Revenue, costs, profits and cash.

The Wider Economic Environment

● Business growth and competitive advantage.

● Firms, consumers and elasticities of demand.

● Productive efficiency.

● Life in a global economy.

● The economic cycle.

● Introduction to macroeconomic policy.

 

Year 13

 

Learning outcomes

● Continue to develop an interest in, and enthusiasm for economics.

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

● Develop an understanding of a range of concepts and an ability to use those concepts in a variety of different contexts.

● Use an enquiring, critical and thoughtful approach to the study of economics and develop an ability to think as an economist.

● Understand that economic behaviour can be studied from a range of perspectives.

● Develop analytical and quantitative skills.

Topics taught

The Global Economy

● Globalisation

● Economic factors in business expansion

● Impact of globalisation on global companies

● Impact of globalisation on local and national economies

● Global labour markets

● Inequality and redistribution.

Making Markets Work

● Competition and market power

● Market power and market failure

● Market failure across the economy

● Macroeconomic policies and impact on firms and individuals

● Risk and the financial sector.

 

Link to exam specification

 

 

 

https://qualifications.pearson.com/en/qualifications/edexcel-a-levels/economics-b-2015.html

 

Year 12 student

Economics has developed my understanding of ongoing events which are currently happening in the world such as Brexit and the impact upon global markets.