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Economics

Our Curriculum Aims:

‘Inflation is taxation without legislation’ Milton Friedman

‘We will never return to the old boom and bust.’ Gordon Brown 2007

‘There’s no such thing as free lunch’ Milton Friedman

Through our curriculum at AGSB we aim to:

  • Promote a love of learning way outside the confines of the classroom – a love of learning which will inform, engage, and motivate our students throughout the rest of their lives.
  • Develop the minds of future leaders who are equipped to debate, discuss, evaluate key economic concepts and theories, and use this to further themselves and that of the communities in which they live and work.
  • Cultivate a spirit of curiosity which extends beyond Economics, encompassing politics, geography, finance, and social behaviour, equipping students with the ability to develop their understanding of current affairs and the dynamic world in which we live.

GCSE Course Followed: Economics

Specification: AQA (Syllabus code 8136)

Why Choose GCSE

By choosing this course students will learn about behavioural economics, how markets operate, how international trade affects the UK economy, the role of government amongst many other things. They will also learn how to use and interpret economic data, from a range of sources. Students of GCSE Economics will acquire the skills to make informed judgements and to communicate in a clear and concise way. Students should expect the following sort of questions to be raised throughout their GCSE course:

  • What is the role of the financial sector in the UK economy?
  • What effect has globalisation had on the UK economy?
  • Is poverty a necessary evil if we are to have economic progress?
  • What economic measures can be taken to tackle global warming?
  • How can you explain large differences in wages?
  • Should we introduce policies to redistribute income and wealth?
  • How do markets operate to allocate scarce resources?
  • What are the effects of unemployment and what can the government do?
  • What are the impacts of developing economies such as China and India?
  • Why do markets fail to allocate resources efficiently?
  • Should the government intervene in markets when it is perceived to be failing?

Who is the course suitable for?

It is of particular use to students interested in current affairs and the world that we live in. It combines well with many subjects and we require no prior attainment in any particular subject.

How is the course divided and assessed?

The course comprises two units as follows:

Paper 1 – How markets work

Assessment = Written Paper (1 ¾ hours) 80 marks, including 10 multiple choice questions (50% of total GCSE)

Paper 2 – How the economy works

Assessment = Written Paper (1 ¾ hours) 80 marks, including 10 multiple choice questions (50% of total GCSE)

Key Stage Four Curriculum Overview

Year 10

 

Name of topic

Key Content of the Topic

Assessment points

HT 1

Economic Foundations, Allocation of resources & how prices are determined

The basic economic problem, of infinite needs and finite resources.
The concept of opportunity cost leading to choices in how to allocate finite resources
Looking at how the forces of supply & demand impact upon prices in an economy commencing with factors that determine demand

Class Test

HT 2

How prices are determined
Equilibriums in prices and quantities demand and supplied in an economy
Price elasticity  of demand

Looking at how the forces of supply & demand impact upon prices in an economy, looking at factors that affect supply
Changes in prices from movements along and shifts in demand and supply curves
Intermarket relationships, substitute and complimentary goods joint demand & joint supply
Calculating and interpreting the degree of response to a change in price in terms of demand.

 

Class based end of term test building in exam questions & assessments.

HT 3

Price elasticity of Supply
Production costs revenues & profits

Production and productivity

 

 

Economies of Scale

Calculating and interpreting the degree of response to a change in price in terms of supply

Business objectives Types of costs Types of revenue
Profit The importance of cost, revenue and profit for producers Moral and ethical considerations

Knowing how to calculate total output and output per input and to make effective links to the theory of specialisation and the economic resource mix employed by a firm

The meaning of Economies of scale (EOS) types of EOS and types of Diseconomies of scale and the impact on unit costs & profit

Class based test based on exam style questions and assessment

HT 4

Market structures

An analysis of degrees of competition in individual markets and the impact on output and prices and in turn consumers & producers

The characteristic of competitive & concentrated markets from perfectly competitive markets to a dominating monopoly and other market structures between these two on the market structure spectrum including an oligopolistic market.

Class based test based on exam style questions and assessment

 

HT 5

Labour Markets

 

 

 

 

Market Failure

 

The role and operation of the labour market
Determination of wages through supply and demand
Gross and net pay
Calculating and interpreting pay slips 
The misallocation of finite resources
The types of market failure in particular positive & negative externalities
Linking the market structure of monopoly to market failure
To what extent should governments intervene in failing markets by looking at the intended and unintended consequences of doing so.

Trial Exam Paper 1

HT 6

Introduction to the National Economy

 

Government Income & expenditure

 

 

Government Objectives

Interest rates
How interest rates affect consumers' decisions to save, borrow or spend
How interest rates affect producers' decisions to save, borrow or invest
Analysis of how the government raises income mainly through taxation
Analysis of the tax system in the UK economy with a secure understanding of progressive V regressive taxes and indirect & direct taxes
A knowledge of the main areas of Government spending in the UK’s mixed economy
A detailed study of the 5 main macro-economic objectives of stable prices, sustainable growth, full employment, an acceptable balance of payments (from importing & exporting) & reducing income inequality

Class based test based on exam style questions and assessment

 

 

 

Year 11

 

Name of topic

Key Content of the Topic

Assessment points

HT 1

Government Objectives

Managing conflict between the macro-economic objectives

 

A detailed study of the 5 main macro-economic objectives of stable prices, sustainable growth, full employment, an acceptable balance of payments (from importing & exporting) & reducing income inequality

Understanding the pursuit of one objective may negatively impact on another objective.

Class based test based on exam style questions and assessment

 

 

HT 2

How the Government manages the economy

 

Monetary Policy

 

 

 

 

 

 

Supply side policies

Fiscal Policy analysing government decisions on taxation spending and borrowing linked into achieving macro-economic objectives and the economic cycle.

The impact on the government’s budget and the impact of a governments budget on the economy.

An understanding of a budget surplus/deficit and the difference between national debt & a budget deficit

How the bank of England manipulates interest rates and uses Quantitative easing to impact on the amount of money circulating in the economy in order to achieve macro- economic objectives such as sustainable price levels and how the Bank uses the concept of forward guidance to when setting monetary

The advantages and disadvantages of supply-side policies

supply-side policies such as: investment in education and training, lower direct taxes, lower taxes on business profits, trade union reform and privatisation/de-regulation 

how supply-side policies can be used to help achieve government objectives. 

Class based test based on exam style questions and assessment

 

 

HT 3

Policies to correct positive and negative externalities 

International Trade & the importance of the global economy

How the government intervenes to correct market failures such as externalities & monopoly power and how it can lead to government failure.

Why countries trade and the importance of international trade to the UK in terms of importing & exporting

Evaluating the impact of globalisation on economic agents both in developing & developed economies

Class based test based on exam style questions and assessment

 

 

HT 4

International Trade & the importance of the global economy

 

 

Exchange rates and how they are calculated

How the interaction of supply and demand impacts on exchange rates

The impact of changes in exchange rates on imports & exports and economic agents and the economy as a whole

Free-trade agreements including the European Union

The arguments for and against free-trade  

The significance and benefits of free-trade agreements, such as the EU. 

Globalisation: benefits and drawbacks 

 The moral, ethical and sustainability considerations when UK producers trade with other countries. 

Class based test based on exam style questions and assessment

 

HT 5

The Role of Money & the Financial Markets

The definition & function of money

The role of the Bank of England as a central Bank & other financial institutions/agents including retail banks and building societies

Trial Exam Paper 2

HT 6

NA

 

GCSE exams

Recommended Revision Guides for GCSE
Students have access to a Course Companion on the Office 365 Stu GCSE Economics page.

Support available for GCSE Students 
Lunchtime revision sessions are available every week.