Economics
Our curriculum intent: why we teach what we teach in Economics
- Students will learn the dynamics of human behaviour at both a micro and a macro level, thereby enabling them to understand how markets work, how markets fail, and the role of institutions within markets.
- Students will be able to model complex economic processes using theoretical constructs, analyse and evaluate the validity of their outcomes, and articulate their findings in a clear way.
- Students will become ethically aware as they learn the principles and moral or ethical problems which can afflict households, firms, and/or governments, and consider their place in tackling some of the challenges that face humanity.
Curriculum
Year 10 GCSE Economics
| Year 10 | Autumn Term | Spring Term | Summer Term |
| Unit Title | Microeconomics 1 | Microeconomics 2 | Microeconomics 3 |
| Key Question | What is the basic economic problem, and what are the role of markets? | What are the role of markets and competition? | What are production, the labour markets and financial markets? |
| Key Knowledge | Economics is a social science. A conflict exists between infinite wants and finite/scarce resources. The role of the markets is to allocate scarce resources. | Market equilibrium is determined by market forces (demand and supply). Equilibrium outcomes are dependent upon the degree of competition within specific markets. |
In most instances, there is a relationship between a firm’s output and its costs over time.
The equilibrium wage rate and level of employment are determined in the labour market. Wage rate differentials exist because of differences in the supply of labour, demand for labour, and elasticity of both supply and demand for labour.
Financial markets are often said to be too big to fail. They oil the wheels of commerce and ensure a fully functioning economy. |
| Link to Prior Knowledge |
The role of the market forces in determining price.
The role of price in shaping the behaviour of economic agents in markets. |
The role of demand and supply in determining price in the goods market or the factor market.
The role of competition in encouraging firms to be dynamically efficient.
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| Knowledge and sequencing rationale |
Microeconomics is a sensible starting point as it enables students to learn about the economy as though they were looking through a zoom lens. This emphasis on the individual economic agent ensures that the acquisition of knowledge does not overwhelm the fledgling economist. Economics is fundamentally the study of how humans make decisions when faced with scarcity. This universal basic economic problem often leads to a mismatch between demand and supply in goods markets, otherwise known as disequilibrium, and students can begin to model such market failures using basic econometrics. These modelling techniques can then be applied to other markets, such as the factor market, primarily focusing on the labour market. Each factor earns a return, and so, it is appropriate to consider these rewards and how they are managed by a nation’s institutions. The students’ focus turns to the wider economy in anticipation of the macroeconomics course.
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Year 11 GCSE Economics
| Year 11 | Autumn Term | Spring Term | Summer Term |
| Unit Title | Macroeconomics 1 | Macroeconomics 2 | Macroeconomics 3 |
| Key Question | What are the key macroeconomic objectives? | How should national economies be managed? | How do nations trade with one another, and what is the role of exchange rates? |
| Key Knowledge | Macroeconomics considers the economy as an aggregate. Prudent management of the economy is essential in ensuring that the government’s macroeconomic objectives are achieved. | Prudent management of the economy is essential in ensuring that the government’s macroeconomic objectives are achieved. The actions of economic agents are monitored and controlled by the government and the central bank using monetary, fiscal, and supply-side policies. |
All countries trade with one another, to a greater or lesser extent, dependent upon their comparative advantage.
In the same way as firms have to manage their income and expenditure, nations have to manage their money flows generated from international trade.
If nations fail to balance the books, they have to borrow from other nations. Consequently, nations are increasingly interdependent, and this process of globalisation, whilst bringing many benefits, also heightens systemic risks. |
| Link to Prior Knowledge |
The basic economic problem.
The operation of markets.
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The key macroeconomic objectives.
The role of central banks and commercial banks in a national and international economic system.
The methods used by governments to manage the economy ‘prudently’.
Interest rates and their role in the wider economy.
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The key macroeconomic objectives.
The operation of markets, including demand and supply.
The role of central banks and governments in a national and international economic system.
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| Knowledge and sequencing rationale | Equipped with a secure knowledge and understanding of how markets operate in the microeconomic environment, students can begin to apply the same fundamental principles to the macro economy. There is a general consensus among nations’ governments and financial institutions with regard to the identification and targeting of key macroeconomic objectives, such as economic growth and low unemployment. Students not only learn about the policies used to achieve these key objectives, but also use their prior knowledge of econometrics to model the effects of public policy decisions on the macro economy. Zooming out to the global economy ensures that students have a wider aspect and consider their place in tackling some of the challenges that face humanity. | ||
A Level Economics
Discover more in our A Level options booklet click here
