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Farlingaye High School

Farlingaye High School

Economics

Economics

Specification:

Edexcel

 

Qualification type:

A Level

 

Entry criteria (GCSE grades):

English Language 5 and Maths 5

 

Subject description:

Economics is a very dynamic and relevant  subject. It can be defined in a few different ways: the study of scarcity, the study of how people use resources and respond to incentives,  or the study of economic decision-making. This course  aims to encourage students to develop an academic understanding of relevant  economic and business concepts and  theories and  to apply  them  to real-world issues. An interest in the wider world will be essential. Students will have the opportunity to participate in study  trips, student conferences in London, Junior Investor Challenge, Enterprise Day and other  Economic and Business competitions.

 

Course Outline:

Theme 1 - Markets, consumers and firms

Scarcity, choices  and potential conflicts; Enterprise, business and the economy; Sources  of finance; The markets; Market failure and  government intervention; Revenues,  costs, profits and cash.

 

Theme 2 - The Wider economic environment Business growth and competitive advantage; Marketing and  price  & income  elasticity  of demand;  Increased business  efficiency;  Life  in the  global  economy;  The economic cycle; Introduction to macro-economic policy.

 

Theme 3 - The global economy

Globalisation; Business  expansion; Global marketing; Multinational corporations; Global labour  markets; Inequality and redistribution.

 

Theme 4 - Making markets  work

Competition and  market  power; Market failure across the economy; Macroeconomic policies and impacts on firms and individuals; Risk and the financial sector.

 

How the course  is assessed:

Examinations are 100% of the assessment. An ability to communicate well in written  form is essential; 25% of assessment will involve Economic and Maths calculations which will need to be applied and  developed to real world contexts and  developed into  extended written answers  and essays:

Three two-hour exams in Year 13.

 

Post-18 opportunities:

The course  gives students access  to a range of careers and  opportunities for higher  education; we have  had students go to read  Economics at Oxbridge and  LSE. Economics is also a route to other subject areas and careers including: Accountancy, Economics, Maths, Business, Finance, Insurance, Management, Marketing, Philosophy, Politics and Social Sciences. This is a demanding subject that will require a very good level of Maths and English.

 

Teacher responsible: Mr N Edge.