Economics

Head of Faculty

Mr Richard Caranese

Vision

"To ignite a passion for understanding the world, discover economic solutions, and flourish as informed citizens and leaders."

This vision statement emphasizes the importance of inspiring students to develop a love for economics and an appreciation for the role that it plays in shaping our world. By providing students with a deep understanding of economic theory and practice, Economics programs can help them discover solutions to complex economic problems, and flourish as informed citizens and leaders who are equipped to make informed decisions that benefit themselves, their communities, and the world.

Disciplinary Concepts

• Similarities and Differences
• Analysing – building chains of analysis
• Evaluation of concepts
• Short run/Long run impacts
• Diagrams to represent change

Big Questions

• What is Economics?
• What is micro/macroeconomics?
• How does Economics affect my life?
• How can Economics help to understand the world in which we live?
• Should governments try to manipulate/influence our choices?
• What makes a ‘good’ Economy?

Curriculum Content

Year 12 AQA A Level

Micro economics:

• Economic methodology and the economic problem
• Price determination in a competitive market
• Production, costs and revenue
• Competitive and concentrated markets
• The market mechanism, market failure and government intervention in markets

Macroeconomics:

• The measurement of macroeconomic performance
• How the macro economy works : the circular flow of income, AD/AS analysis, and related concepts
• Economic performance
• Macroeconomic policy

Year 13

Micro economics:

• Individual economic decision making
• Marginal, average and total revenue
• Perfect competition, imperfectly competitive markets and monopoly
• The labour market
• The distribution of income and wealth: poverty and inequality

Macroeconomics:

• Financial markets and monetary policy
• Fiscal policy and supply-side policies
• The international economy