Economics
Economics at Key Stage 5
Economics is a fascinating subject to study, as it helps you look more deeply into the world around you – how and why it functions as it does. It can also give you new perspectives on some of the most pressing and challenging problems facing the world today. Economics is with you for life; it will help you to understand what is happening nationally and internationally.
Ever thought about:
- What determines the price you pay for the things you buy?
- Why the government can’t just increase the minimum wage and make everyone better off?
- Why there is unemployment when there are lots of job vacancies?
- Why there is poverty in the world alongside great wealth?
- Why you have to pay tuition fees to go to university when Scottish students don’t?
- When you go abroad each year why do you get different amounts when you change my currency?
If you would like an answer to these questions then economics might be for you – study economics and you can help make the world a better place!
In both years, your time will be split between microeconomics (concerned with the decisions made by individuals in a variety of situations), and macroeconomics (concerned with decisions with wider issues such as employment, inflation etc). In year 13 you will be examined on how well you can apply your learning in a ‘real world’ context.
Economics is 100% examination, which involves undertaking 2 papers in Year 12 for the AS qualification, and 3 papers in total at the end of Year 13 for the whole A Level.
AS Level
The course is based around Micro and Macroeconomics, whereby you study 2 themes of work – 1 Microeconomics theme and 1 Macroeconomics theme.
Year 12 includes 100% examination – two separate papers totalling 100 marks each, with each paper being 35% (totalling 70%) of the total A Level qualification. One is about Markets and Business behaviour; the other being about The National and Global Economy.
The examinations (100% of AS qualification and 70% of A Level qualification) – are divided into three sections. These are:
- Section A: You will have a range of multiple-choice and short-answer questions.
- Section B: You will have one data response question broken down into a number of parts.
- Section C: You will have a choice of extended open-response questions; and you will select one from a choice of two.
Exam 1: Theme 1 - Introduction to markets and market failure = Paper 1: Markets and Business behaviour = 35% of qualification
Exam 2: Theme 2 - Performance and Policies = Paper 2: The National and Global Economy = 35% of qualification
The following is an outline of the topics covered per half term:
Year 12
Autumn 1
Teacher 1
1.1 Nature of Economics
1.1.2 - Positive and Normative economic statements
1.1.4 - production possibility frontiers
1.1.6 - Free, mixed & command market economies
1.2 How markets work
1.2.7 - Price Mechanism
1.2.8 - Consumer & Producer surplus
Teacher 2
1.1 Nature of Economics
1.1.1- Economics as a social science
1.1.3 -The economic problem
1.1.5- specialisation and division of labour
1.2 How markets work
1.2.1 - Rational decision making
1.2.2 - Demand
1.2.4 - Supply
Autumn 2
Teacher 1
1.2.9 - Indirect taxes and subsidies
1.2.10 - Alternative views of consumer behaviour
1.3 Market Failure
1.3.1 - Types of market failure
1.3.2 - Externalities
1.3.3 - Public goods
1.3.4 - Information gaps
Teacher 2
1.2.3 - Price, cross and income elasticity of demand
1.2.5 - Elasticity of Supply
1.2.6 - Price determination
1.4 Government Intervention
1.4.1 - Government intervention in markets
1.4.2 - Government failure
Spring 1
Teacher 1
January - Theme 1 mock examination
2.6.1 - Macroeconomic Objectives
2.1.1 and 2.5 - Economic Growth
Teacher 2
2.1.2 - Inflation
2.1.3 - Employment & Unemployment
Spring 2
Teacher 1
2.2 - Aggregate Demand
2.6.2 - Demand side policies
2.1.4 - Balance of payments
Teacher 2
2.3 - Aggregate Supply
2.4 - National Income
2.6.4 - Conflict & trade offs between objectives & policies
Summer 1
Exam Revision and Practice
Mock exam
Summer 2
A Level Course Content
3.1 – Costs, revenue and profit
A2 Level
The course is based around Micro and Macroeconomics, whereby you study 2 themes of work – 1 Microeconomics theme and 1 Macroeconomics theme. These areas of study are: Theme 3 – Business Behaviour and the Labour Market; and Theme 4 – A Global Perspective.
The examination (30% of A2; 30% of full A-level)
Exam 1: Theme 1 and 3 - Introduction to markets and market failure = Paper 1: Markets and Business behaviour = 35% of qualification
Exam 2: Theme 2 and 4 - Performance and Policies = Paper 2: The National and Global Economy = 35% of qualification
Exam 3: Themes 1 – 4 – Microeconomics and Macroeconomics = 30% of qualification
Exam 3: The paper comprises two sections, and is 100 marks in total.
Each section comprises one data response question broken down into a number of parts, including a choice of extended open-response questions; you select one from a choice of two.
The following is an outline of the topics covered per half term:
Year 13
Autumn 1
3.1 Business growth
3.1.1 - Sizes and types of firms
3.1.2 Business growth
3.1.3 Demergers
3.2.1 Business objectives
Autumn 2
3.3 Revenues, costs and profits
3.3.1 Revenue
3.3.2 Costs
3.3.3 Economies and diseconomies of scale
3.3.4 Normal profits, supernormal profits and losses
Spring 1
3.4 Market structures
3.4.1 Efficiency
3.4.4 Oligopoly
3.4.5 Monopoly
3.4.7 Contestability
3.5 Labour market
3.5.2 Supply of labour
3.5.3 Wage determination in competitive and non-competitive markets
Spring 2
3.4 Market structures
3.4.2 Perfect competition
3.4.3 Monopolistic competition
3.4.6 Monopsony
3.5 Labour market
3.5.1 Demand for labour
Summer 1
3.6 Government intervention
3.6.1 Government intervention
3.6.2 The impact of government intervention
Exam practice, revision and A Level exams
Summer 2
PRINTABLE VERSION OF THIS PAGE FOR 2016-17
For further advice or to find out more about the Economics curriculum at Idsall School, please contact Mr Thomas.