Welcome to the Economics Department, part of the Vocational Faculty. Our department offers Economics GCSE (ORC 1-9 for year 10 and 11). We believe that our department equips students with the skills they need to function effectively in the workplace, may this be numeracy, analytical skills, how to work in teams or understand their place in an organisation.
Year 10 GCSE Economics
|Term||Unit(s) of Work||Summary|
|Autumn term 1||
Introduction to Economics
Introduction to Economics
Ex Students will be able to explain the role of the main economic groups: consumers, producers and the government, including their interdependence.
Understand the factors of production: land, labour, capital and enterprise, including how they might be combined
|Autumn Term 2||The role of markets||
Students will be able to explain what is meant by a market and the features of the primary, secondary and tertiary sectors, including the difference between the production of goods and services. Know the• difference between factor and product markets, including their interdependence.
Evaluate the costs and benefits of specialisation and exchange in markets including for producers, workers, regions and countries
|Spring Term 1||Demand||
Students will be able to explain what is meant by demand
• d and explain a demand curve using data, including individual and market demand. draw shifts of, and movements along, the demand curve. They will also be able to analyse the causes and consequences for consumers and producers, of shifts of, and movements along, the demand curve.
|Spring Term 2||Supply||Student will be able to explain what is meant by supply and explain a supply curve using data, including individual and market supply. They will draw shifts of, and movements along, the supply curve and analyse the causes and consequences for consumers and producers, of shifts of, and movements along, the supply curve.|
|Summer Term 1||Price||Students will be confident at explaining price as a reflection of worth and its role in determining an efficient distribution of resources. Understand what is meant by equilibrium price and quantity, draw and analyse the interaction of demand and supply. Students will be able to explain the role of markets in the determination of price and the allocation of resources and analyse how the market forces of demand and supply affect equilibrium price and quantity|
|Summer Term 2||
Students will be able to explain competition between producers in a market economy, including the reasons why producers compete and analyse how competition affects price. They will evaluate the economic impact of competition on producers and consumers. Explain the meaning of monopoly and oligopoly and how they differ from competitive markets
• Students will also evaluate the importance of production and productivity for the economy. Calculate and explain total cost, average cost, total revenue, average revenue, profit and loss. Also understand the importance of cost, revenue, profit and loss for producers, including how costs and revenues affect profit and supply.
Year 11 GCSE Economics
|Term||Unit (s) of Work||Summary|
|Autumn term 1||Economic objectives and the role of government||By the end of this unit students will understand how the government uses revenue, budget and spends. Understand what Fiscal policy and Monetary policies are and the costs and benefits.|
|Autumn Term 2||Macro Economics||By the end of this unit students will understand Supply side policies and the costs and benefits the policy. Positive and negative externalities, Government policies to correct externalities, Impact, costs and benefits of policies to correct externalities|
|Spring Term 1||International trade and the global economy||Balance of Payments; surplus and deficits, Importance of BOP for UK economy, Exchange Rates and currency conversion, Effect of changes in exchange rate, Globalisation and development, Costs and benefits of globalisation|
|Spring Term 2||Exam Preparation|
|Summer Term 1||Exam Preparation|