There has never been a more relevant time to study Economics. Developed countries have still not recovered from the global financial crisis of 2008 when financial institutions were brought to their knees because of their exposure to the American housing market resulting in a government bailout costing tax payers £850bn initially with the eventual cost still unknown. The narrow victory by Brexiteers in 2016 has divided the government and the population on what type of economic relationship we should have with the EU. The global political landscape is shifting with the unexpected victory of Donald Trump as U.S. President and growing popularity for his protectionist strategies in more countries across continents. These, and many more, factors have significant influence on each and every one of us regardless of our level of knowledge, interest or participation leading to an increasing need for us to be able to question policy decisions and hold our government to account. Economics is a subject which facilitates the opportunity for you to understand how markets operate, what policies can be used to create a more positive outcome in society by government, and explore the wider world through a range of learning opportunities. Economics supports students to progress to higher education in a range of subjects as well as being a credible A Level for apprenticeships. Typical careers involve banking and finance, politics, business management & leadership, education and research.
Year 12 Curriculum
The Year 12 Curriculum focuses on introducing economic concepts and theories. There are two modules; the first is microeconomics, the study of how individual markets operate, and the second is macroeconomics, the study of how a country’s economy operates. You will investigate the concept of rational decision making and explore why consumers behave the way they do; sometimes in a way that is clearly not good for them. Microeconomics concludes with investigation and analysis on ways to correct markets that are not operating efficiently. Macroeconomics is the broad study of how a country’s economy functions, with particular focus on unemployment, inflation, economic growth and foreign trade. Government policies to achieve economic stability are analysed in depth and a brief introduction is made to protectionism, exchange rates and global trade. Lessons have a strong focus on learning though discussion, debate, group work, investigation and written assignments.
Year 13 Curriculum
The Year 13 Curriculum builds on previous learning as economics is synoptic. You will revisit both modules from Year 12 but study each in more depth. Microeconomics is revisited with a strong focus on businesses and how they operate, labour markets and government policies to reduce consumer exploitation and achieve a more effective labour force. You will also explore why a monopoly can be good for consumers, how cartels may operate to benefit themselves and why a high degree of competition may not necessarily be good for us. Macroeconomics focuses significantly on human development and exploring the differences between different countries and continents, government policies to improve equality and reduce global poverty, revisiting domestic policy instruments and understanding how financial markets operate. Lessons have a strong focus on learning though discussion, debate, group work, investigation and written assignments.
SHARON McKERNAN, Subject Leader for Economics