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. 

 

PRINTABLE VERSION OF THIS PAGE FOR 2016-17

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

Year 12

First Half Term

Second Half Term

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.

Year 13

First Half Term

Second Half Term

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

 

 

 

 

For further advice or to find out more about the Economics curriculum at Idsall School, please contact Mr Thomas.

Updated September 2016


    Idsall School is a charity and a company limited by guarantee, registered in England and Wales with company number 08976748 whose registered office is at Idsall School, Coppice Green Lane, Shifnal, Shropshire, TF11 8PD