Economics (Y12-13)
Our vision in the Economics department is to help students understand and engage with the increasingly complex world of economics, allowing them to understand how the economy works both on a Micro and Macro level.
We want our students to:
Understand micro-economic and macro-economic market models; use the models to explore current economic behaviour; make causal connections; and develop an understanding of how the models shed light on the economy as a whole.
Be aware of the assumptions of the model of supply and demand; explain the way it works using a range of techniques; and use the model to describe, predict and analyse economic behaviour.
Develop an understanding of the benefits of markets and the reasons why they may fail; understand the implications of market failure for individuals, firms, and government, and recognise the possibility of government failure.
Use the aggregate demand/aggregate supply (AD/AS) model and data to understand why supply-side and/or demand-side policies may be seen as appropriate ways of managing an economy.
Consider the possible impact of macro-economic policies; recognise the issues government faces in managing the macro-economy; argue for different approaches; and identify criteria for success and evaluate effectiveness.
Develop the ability to apply and evaluate economic models as represented in written, numerical and graphical forms; interpret and evaluate different types of data from multiple sources; and propose and justify possible responses to economic issues.
Subject staff
Mr R Whitehouse - Curriculum leader
Curriculum Overview
Individuals, firms, markets and market failure
1 Economic methodology and the economic problem2 Individual economic decision making
3 Price determination in a competitive market
4 Production, costs and revenue
5 Perfect competition, imperfectly competitive markets and monopoly
6 The labour market
7 The distribution of income and wealth: poverty and inequality
8 The market mechanism, market failure and government intervention in markets
The national and international economy
9 The measurement of macroeconomic performance
10 How the macroeconomy works: the circular flow of income, AD/AS analysis, and related concepts
11 Economic performance
12 Financial markets and monetary policy
13 Fiscal policy and supply-side policies
14 The international economy
Extra-curricular
We have guest speakers come into the school from the Bank of England to discuss how the Central Bank works and how Monetary Policy works.
