Economics

Assessment

100% Exam Based Subject Year 12: Theme 1: Markets, consumers and firms Students will develop an understanding of: ● 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. Theme 2: The wider economic environment Students will develop an understanding of: 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: Theme 3: The global economy This theme develops the concepts introduced in Theme 2. Students will develop an understanding of: 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. Theme 4: Making markets work This theme develops the concepts introduced in Theme 1. Students will develop an understanding of: 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.