Economics

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ECONOMICS IS COMPLEX SOCIAL SCIENCE STUDYING ECONOMIC BEHAVIOUR FROM A SOCIAL, FINANCIAL AND EVEN CULTURAL PERSPECTIVE. THIS SUBJECT LOOKS AT ALL THE DIFFERENT FACTORS AFFECTING THE PROFITABILITY OF A FIRM, EFFICIENCY OF A MARKET AND WEALTH OF A NATION. STUDYING ECONOMICS WILL HELP YOU DEVELOP YOUR ANALYTICAL AND CRITICAL THINKING, AS WELL AS YOUR MATHEMATICAL SKILLS.

Year 10 Term 1 Term 2 Term 3
Key Topic How markets work How markets work How economy works
New Knowledge: 
  • Specialisation, division of labour, and exchange
  • Demand for goods and services
  • Supply of goods and services
  • Equilibrium price
  • Intermarket relationships
  • Price elasticity of demand
  • Price elasticity of supply
  • The importance of cost, revenue and profit for producers
  • Production and productivity
  • Economies of scale
  • The importance of market structures on producers and consumers
  • Competitive markets
  • Non-competitive markets
  • The labour market
  • Misallocation of resources
  • Externalities
  • Revision on Paper 1
  • Introduction to the national economy
  • The objectives of government economic policy
  • Government income and expenditure
  • Economic growth
  • Unemployment
  • Inflation and price stability
  • The Balance of Payments
  • Globalisation
  • Trade
  • End of year assessment and feedback

Previous Knowledge Required:

Mathematics skills:

  • Fractions
  • Means and medians
  • Percentages and percentage change
  • Graph plotting
  • Areas of geometrical figures (triangle, rectangle and square)
  • Means and medians, percentages and percentage change and their economic applications
  • Economic chains of reasoning using specific vocabulary
  • Economic analysis, and critical thinking
  • Reading, reflection and summarising skills
  • Inference and prediction skills
  • Real world application of economic theory
  • Group work. Presentation skills.
New Skills:
  • Calculation total, average microeconomic values
  • Graphs plotting and graph analysis on economic variables
  • Developing analytical reasoning, and critical thinking, on economic problems
  • Calculation and interpretation of percentage economic values, like inflation rate or economic growth rate
  • Discuss the news in relation to economics events 
  • Evaluate various points on economic problems
  • Expanding the evaluation skills
  • Solving Economics MCQ s
  • Planning and writing an extended answer
Links to the School Curriculum:
  • Mathematics
  • Business
  • Geography
  • Mathematics
  • Business
  • English
  • Mathematics
  • Geography
Independent Activities:

Wider reading:

  • Murder at the Margin: Marshall Jevons

Film:

  • The story of stuff, 2007

Wider reading :

https://www.thetimes.co.uk/sunday-times-rich-list

Film:

  • https://www.bbc.co.uk/programmes/p082m4hn

Wider reading

  • Economics in One Lesson: H Hazlitt

Film:

  • Gold: The Story of Man's 6000 Year Obsession, 2018
Web Links:

 

Year 11 Term 1 Term 2 Term 3
Key Topic: How markets work How economy works Study leave and AQA Exams
New Knowledge:
  • Revisiting all paper 1 Topics
  • Labour market
  • Wage determination using simple demand and supply analysis
  • Wage differentials within and between occupations
  • the difference between gross and net pay
  • How to calculate income including gross and net pay.
  • The objectives of government economic policy
  • Fair distribution of income
  • Policies used to achieve main macroeconomic objectives
  • Economic growth and development
  • How redistribution of income and wealth can be achieved through taxation and government spending
  • Fiscal policy
  • Monetary policy
  • Supply-side policy
  • Money market and financial market
  • What is meant by an interest rate
  • The factors that influence the different rates of interest
  • How changes in interest rates affect consumers' decisions to save, borrow or spend
  • Revision Paper 2
  • Revision Paper 1 & 2   
  • Layout and potential content of exam papers
  • Strategies for answering questions
  • Feedback and improvements from mock exams
Previous Knowledge Required:
  • Role of markets
  • Demand and supply laws
  • Elasticity coeficients
  • Market failure
  • Government interventions into markets (for example through regulations)
  • Macroeconomic policies
  • The balance of payment on current account
  • Importance of BOP for UK economy
  • Trade and currency exchange rate
  • Globalisation and development
  • Costs and benefits of globalisation
  • All Paper 1 content for revision
  • All Paper 2 content for revision
  • All formulae and calculations required
  • All diagrams required
  • All key terms required
New Skills:
  • Developing calculation skills on economic raw data, and graph plotting
  • Ability to draw and interpret a variety of diagrams
  • Expanding independent evaluation and analysis skills
  • Further development of writing extended answers skills.
  • 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
  • Evaluation and critical thinking
Links to the School Curriculum:
  • Mathematics
  • Business
  • Geography
  • Mathematics
  • Business
  
Independent Activities:

Wider reading:

  • Wealth, Poverty and Politics: T Sowell 

Film:

  • Margin Call, 2011
  • Inside Job, 2010

Wider reading:

50 Economics Ideas: You Really Need to Know: Edmund Conway

Film:

  • Moneyball
  • The Wolf of Wall Street

Wider reading:

  • Doughnut Economics: Kate Raworth
  • Cracking economics – T. Pettinger

Film:

  • Too Big To Fail
Web Links:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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