Economics

• Market structures
• Price discrimination
• Consumer and producer’s surplus
• The meaning of market failure
• Private and public goods, quasi-public goods
• Merit and demerit goods
• Externalities
• Information failure
• Government interventions to tackle market failure
• Government failure

• Circular flow model
• AD/AS model
• The objectives of government economic policy
• Economic growth and economic cycle
• Unemployment
• Inflation and deflation
• The balance of payment on current account
• Possible conflicts between macroeconomic objectives
• Macroeconomic policies

• World economic indexes
• Trade
• The Balance of Payments
• Exchange rate system
• Revision on Micro & Macro topics
• End of year assessment and feedback

Mathematics skills:

• Fractions
• Means and medians
• percentages and percentages changes
• Diagrams and graph plotting
• Areas on diagrams

• Calculation of concentration ratios, means and medians, percentages and percentage change
• Economic chains of reasoning using microeconomics specific terms
• Analytical reasoning, and critical thinking

• Opportunity cost calculation
• PPF and other diagrams applied in new context
• Price index
• Percentage economic values, like bank rate and percentage change like inflation rate = percentage change in CPI
• Diagrammatical analysis

• Calculation of opportunity cost, total, average, and marginal microeconomic values, concentration ratios
• Using graphs and diagrams to calculate consumer and producer surplus, profit and losses, tax gain or tax burden, social welfare loss etc.
• Developing analytical reasoning, evaluation and critical thinking, on economic problems

• Calculation of macroeconomic ratios, means, medians and indexes
• Percentage economic values, like bank rate and inflation rate
• Using AD/AS model to analyse the impact on macroeconomic performance 

• Further development of diagrammatical analysis
• Expanding the research skill on suggested Economics topics
• Solving Economics MCQ s and various exam type questions
• Exam type skills, like time management, planning and writing a long answer

• Mathematics: calculations and graphs analysis
• Psychology: understanding changes in behaviour, choices, demand determinants etc.
• Business: market structures, business objectives, cost, revenue and profit, Government policies and interventions.
• Geography: environmental impact of growth, renewable/non-renewable resources, negative externalities from production and consumption

• Mathematics: calculations of fractions, ratios, percentages and graphs analysis etc.
• Business: fiscal policy and supply side policy, inflation and unemployment.

• Mathematics: calculations and graphs analysis
• Geography: economic growth and economic development indicators. Global economic flows, and Trade Unions.  Globalisation and TNCs

Wider reading:

• ­Freakonomics: Steven D. Levitt
• The Adventures of Jonathan Gullible: A Free Market Odyssey: Ken Schoolland
• Thinking Fast and Slow: D Kahneman and A Tversky
• Murder at the Margin: Marshall Jevons

Film:

• Chain reaction, 2022
• The story of stuff, 2007
• The End of Poverty?, 2008

Wider reading :

• 23 Things they don’t tell you about capitalism: Ha Joon Chang
• Good economics for hard times: AV. Banerjee and E Duflo

Film:

• The Money masters, 1996
• Crash: Are we Ready for the Next Crisis, 2019
• Enron: The Smartest Guys in the Room, 2005 

Wider reading

• Economics in One Lesson: H Hazlitt
• The Undercover Economist: T Harford

Film:

• Gold: The Story of Man's 6000 Year Obsession, 2018
• Bitcoin: The End of Money as We Know It, 2015

• Competitive market structures
• Contestable markets
• Impact of technology on competition
• The objectives and behaviour of firms
• Labour market & perfectly competitive labour markets
• Wage differences and discrimination
• Government interventions on labour market
• Unions and employment
• Information failure
• Income and wealth inequalities and market failure
• Intervention through taxation and government failure
• Intervention through price and government failure
• UK’s NMW policy
• Competition policy
• Public ownership, privatisation, regulation and deregulation of markets 

• The objectives of government economic policy
• Macroeconomic indicators
• Possible conflicts between macroeconomic objectives
• The structure of financial markets and financial assets
• Commercial banks and investment banks
• The regulations of financial system
• Globalization
• The role of the WTO, and other commercial unions and agreements
• Deeper analysis of  the balance of payments
• Exchange rate system and different exchange regimes
• Economic growth and development

• Revision Paper 1, 2 & 3
• Layout and potential content of exam papers
• Strategies for answering questions
• Feedback and improvements from mock exams

• Market structures
• Allocative, productive, static and dynamic efficiency
• Consumer and producer’s surplus
• The meaning of total or partial market failure
• Private and public goods, quasi-public goods
• Different externalities and market failure through marginal analysis
• Government interventions to tackle information failure
• Government failure

• Macroeconomic policies
• The measurements of macroeconomic performance
• AD/AS analysis and related concepts
• Economic growth and economic cycle
• Types, effects, and measurement of unemployment
• Inflation and deflation
• The balance of payment on current account
• Possible conflicts between macroeconomic objectives
• Monetary, fiscal and supply side policy and QE
• Trade and currency exchange rate

• All Paper 1 content for revision
• All Paper 2 content for revision
• All Paper 3 content for revision
• All formulae and calculations required
• All key terms required

• Developing calculation skills on economic raw data, marginal and average product returns and graph plotting
• Ability to draw and interpret a variety of diagrams to show price and output determination
• Interpretation of a variety of diagrams and graphs
• Expanding independent research and analysis skills

• Calculations of the multiplier using the MPC and diagrammatic analysis under classical or Keynesian model
• Ability to build relevant chains of reasoning  to analyse the impact of different policy changes on macroeconomic performance
• More diagrammatic practice to illustrate growth, unemployment and inflation issues
• Extension of evaluation and critical assessment on alternative policies through advantages/disadvantages charts
• Further development of economic essay writing skill

• Problem solving and economics MCQ answering
• Further developing time management, revision planning and self-assessing exam knowledge
• Synoptic analytical reasoning, evaluation and critical thinking

• Mathematics: calculations and analysis of graphs
• Psychology: behaviourist approach on human choices, the role of formal and informal institutions on behaviour.
• Business: market structures and objectives of firms, cost, revenue and profit. Government policy and intervention.
• Geography: environmental impact of growth, renewable/non-renewable resources, negative externalities from production and consumption
• Sociology: inequality and policies to fight poverty; theory and research methods subjectivity, objectivity and value judgement

• Mathematics: calculations of fractions, ratios, percentages, graphs and raw data analysis etc.
• Business: fiscal policy and supply side policies, inflation and unemployment. Financial markets
• Sociology: supply-side policies, with focus on education.

Wider reading:

• Wealth, Poverty and Politics: T Sowell 

Film:

• 99 Homes, 2014
• The Company Men, 2010
• Margin Call, 2011

Wider reading:

• Mission Economy: A Moonshot Guide to Changing Capitalism: Mariana Mazzucato

• Film:

  The Big Short, 2015

Wider reading:

• The Reckoning: Financial Accountability and the Rise and Fall of Nations: J Soll
• Development as Freedom: Amartya Sen
• Doughnut Economics: Kate Raworth

Film:

• China: Power and Prosperity, 2019
• Commanding Heights: The Battle for the World Economy, 2002