Economics

Course summary

Why study this subject? The study of economics enables students to learn how the material resources of an individual, a community, a country or the world are managed. It allows students to develop an appreciation of economic concepts and theories through a critical consideration of current economic issues, problems and institutions that affect everyday life. Year 12 Course Content Students develop knowledge and understanding of core economic models and concepts in two themes. Students will need to apply their knowledge and understanding to both familiar and unfamiliar contexts in the assessment and demonstrate an awareness of current economic events and policies. -Theme 1: Introduction to markets and market failure This theme focuses on microeconomic concepts. Students will develop an understanding of: nature of economics; how markets work; market failure; government intervention. -Theme 2: The UK economy – performance and policies This theme focuses on macroeconomic concepts. Students will develop an understanding of: measures of economic performance; aggregate demand; aggregate supply; national income; economic growth; macroeconomic objectives and policy. Year 13 Course Content Students develop knowledge and understanding of core economic models and concepts in Themes 1 and 2, and then build on this and apply their knowledge to more complex concepts and models in Themes 3 and 4. Students will need to apply their knowledge and understanding to both familiar and unfamiliar contexts in the assessments and demonstrate an awareness of current economic events and policies. -Theme 3: Business behavior and the labor market This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics. Students will develop an understanding of: business growth; business objectives; revenues, costs and profits; market structures; labor market; Government intervention. -Theme 4: A global perspective This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics. Students will develop an understanding of: international economics; poverty and inequality; emerging and developing economies; the financial sector; role of the state in the macro economy.