Economics

In Economics you will study how people behave and interact. Essentially, the subject seeks to understand the choices made by individuals, societies and governments in regard to the alternative uses of scarce resources which are employed to satisfy wants.

Economics involves the formulation of theories which seek to explain empirical observations so that conclusions can be drawn about the future. This subject covers such varied topics as the impacts of the recent events such as the financial crisis of 2008, falling oil prices, BREXIT and the economic impact of Covid-19.

COURSE CONTENT

The course’s approach to Economics is to apply economic theory to support analysis of current economic problems and issues and encourage students to appreciate the interrelationships between microeconomics and macroeconomics.

Microeconomics (Markets and market failure)

● The economic problem and economic methodology ● 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 (National and International economy)

● The measurement of macroeconomic performance ● How the macro economy works ● Macroeconomic performance Macroeconomic policy Students will be assessed on their ability to use quantitative and qualitative evidence to evaluate arguments and to support judgements relating to economic issues and problems. Students are encouraged to develop a critical approach to economic models and methods of enquiry.

SKILLS DEVELOPED

● Study independently ● Analysis data ● Critical thinking ● Making informed decision

ADDITIONAL RESOURCES

Click on this link to access all material used in the teaching of the Economics course. Students should refer to this website throughout the year.

SPECIFICATION LINK

Click here to access the Edexcel exam board home page. This has information about the course and exam materials to help students learn

ASSESSMENTS Students will be assessed at regular intervals throughout the year. Formal assessments will take place at the start of each term, including a suitability assessment within the first few weeks of Year 12. All assessments will be examination paper based.

BTEC ENGINEERING