Statement of intent Key Stage: 5 Subject: Economics Academic Year: 2019-20 Economics is about resources and the decisions we make about how to use them to meet the needs of the people in a society. Resources are scarce relative to wants so decisions have to be made: What to produce How much to produce How to produce How to allocate   The fundamental concept in economics is opportunity cost. Once a decision is made about resource allocation there will be an opportunity cost i.e. the next best alternative foregone once a decision has been made. Economists see the world with an ‘opportunity cost’ perspective. They respond to issues and events by considering what next best alternative has been foregone. Example: The 1980s … are coal mines ‘uneconomic’? A business person would want to know the costs of running the coal mine compared with the revenue it generates. An economist would ask ‘what are all the costs of keeping it open compared with all the costs of closing it?’ If the coal mine is not making a profit a business person would close it. An economist would consider: Unemployment benefit paid to the former coal miners who have lost their jobs Lost tax revenue from unemployed coal miners The impact on other local businesses as increased unemployment reduces spending power in the area (cafes, pubs, shops may go out of business) Unemployment in firms which supply components to coal mines By the end of Key Stage 5, the intention is that students learn to think, speak and write like an economist. They will respond to real world issues of resource allocation by asking what alternative has been foregone. They will have a good understanding of economic concepts and economic models and will be able to use these to predict the behaviour of economic agents. At the same time, they will recognise the situations in which these predictions may not become a reality. They will understand that economic modelling is based on sets of assumptions; and will learn to manipulate these assumptions and see whether/how this changes the predictions. They will be able to apply economic concepts and models to both macroeconomic and microeconomic situations in the real world. Written work will be clear, accurate and detailed; and will be structured in the following way: identify / explain / analyse / evaluate / judgement. Students as economists will be able to identify and explain relevant economic theories, to analyse what the theory predicts in given situations, to evaluate why this may not happen and to make judgements about the circumstances in which it is more or less likely to occur. A clear chain of reasoning will run through all written work using the PEEL framework. Economic terminology will be used with confidence.

Subject: Economics (micro) Academic Year 2019-20 Curriculum Overview Key Stage: 5 Subject: Economics (micro) Academic Year 2019-20 Year Unit content Autumn 1 Autumn 2 Spring 1 Spring 2 Summer 1 Summer 2 Year 12 Introduction: The economic problem Opportunity cost Production possibility frontiers Specialisation and trade Types of economy Rational decision making Markets: Demand Supply Elasticities Price determination Markets: Interrelationships between markets Behavioural economics Price mechanism Market failure: Externalities Public goods Merit and demerit goods Information gaps Government intervention Government failure Production and market structure: Production Costs Revenue Profit Assessment Multiple choice questions Data response questions Essays Tests Past papers Text book questions Mocks

Subject: Economics (macro) Academic Year 2019-20 Curriculum Overview Key Stage: 5 Subject: Economics (macro) Academic Year 2019-20 Year Unit content Autumn 1 Autumn 2 Spring 1 Spring 2 Summer 1 Summer 2 Year 12 Aggregate demand and aggregate supply: The circular flow of income Aggregate demand Aggregate supply The interaction of aggregate demand and aggregate demand and supply The multiplier and the accelerator Economic policy objectives: Economic growth Development Inflation Balance of payments Employment Income distribution and welfare The Phillips Curve Trends in macroeconomic indicators Implementing policy: Fiscal policy Monetary policy Supply side policy Policy conflicts Assessment Multiple choice questions Data response questions Essays Tests Past papers Text book questions Mocks

Subject: Economics (micro) Academic Year 2019-20 Curriculum Overview Key Stage: 5 Subject: Economics (micro) Academic Year 2019-20 Year Unit content Autumn 1 Autumn 2 Spring 1 Spring 2 Summer 1 Summer 2 Year 13 Market structure: Perfect competition Monopoly Monopsony Monopolistic competition Oligopoly Contestability Business objectives Economic efficiency Business growth Technological change Market failure Government intervention and product markets Cost Benefit Analysis Labour markets: Demand for labour Supply of labour Wage determination Economic rent Government intervention in labour markets Equality and equity Assessment Multiple choice questions Data response questions Essays Tests Past papers Text book questions Mocks Mocks in lessons

Subject: Economics (macro) Academic Year 2019-20 Curriculum Overview Key Stage: 5 Subject: Economics (macro) Academic Year 2019-20 Year Unit content Autumn 1 Autumn 2 Spring 1 Spring 2 Summer 1 Summer 2 Year 13 The global context: International trade Exchange rates Globalisation Trade policies and negotiations The financial sector: Money and interest rates The financial sector Financial regulation Assessment Multiple choice questions Data response questions Essays Tests Past papers Text book questions Mocks Mocks in lessons