Economics

Curriculum Overview

In the first year of our Economics course, we will be introduced to and explore some of the basic concepts of microeconomics and macroeconomics.

Microeconomics focuses on the basic economic problem of infinite wants and finite resources, and the roles of individuals and firms, and markets and governments, in determining what is produced, how production is organised, and the methods of allocating what is produced. Questions which can be addressed include: ‘Why are house prices so high?’, ‘Can pollution be effectively controlled?’ and ‘When, why, and how should governments intervene with markets?’.

Macroeconomics is a broader subject, looking at the functioning of the whole economy, developing an understanding of how an economy works, the different ways of measuring its performance (for example by measuring economic growth, how much price levels rise or fall, the number of people employed or unemployed, and how much money is entering or exiting an economy as a result of international trade), as well as the different policies governments can implement to improve macroeconomic performances and benefits and pitfalls these interventions cause.  

Issues we explore in class include: ‘Why does the Government have an inflation rate target and how does it affect us?’, ‘What happens to the economy if people decide to spend more?’, ‘How are we positively and negatively affected by the growth Chinese and Indian economies? And ‘What are the effects Brexit is having on the UK, European and global economies, its businesses and its citizens?’

In the second year of our Economics course, we will develop a considerably more advanced understanding of microeconomic and macroeconomic concepts and theories, and learn to deeply analyse and evaluate the values and limitations of economic models. We will explore these ideas with a more global context, which includes the impact of globalisation on UK economic performance; and how the interaction of firms in a market; the competing objectives of, and various influences on, economic actors can have implications for the efficiency and equity of markets.  Later in the year, we start to explore the global economy, and look at the benefits and drawbacks of trading with other economies, reasons why income and wealth are often unequal and why some people may live in poverty while others have an abundance of resources, and the reasons why this can either increase or decrease over time, either as changes occur in the global economy or through intervention by governments.

In year one, you will study:

Theme 1: Introduction to Markets and Market Failure

Theme 2: The UK Economy – Performance and Policies

In year two, you will study:

Theme 3: Business Behaviour and the Labour Market

Theme 4: A Global Perspective

At Herschel, we follow the Edexcel Economics A course - https://qualifications.pearson.com/en/qualifications/edexcel-a-levels/economics-a-2015.html

For more information, please refer to the specification document:
https://qualifications.pearson.com/content/dam/pdf/A%20Level/economics-a/2015/specification-and-sample-assessment-materials/A_Level_Econ_A_Spec.pdf

For a more detailed overview of the course contents and assessment regime, the getting started guide: https://qualifications.pearson.com/content/dam/pdf/A%20Level/economics-a/2015/teaching-materials/Getting_Started_Guide_new.pdf

What’s the difference between the Business Studies & Economics?

As both Business Studies and Economics are Social Sciences the skills needed to succeed in both disciplines are similar.

Both subjects have overlapping content which is why it is advised that Business Studies and Economics should not be studied together.

Business Studies pupils will examine business behaviour and how businesses should be run in order to make a profit. It’s a more practical, problem based subject. Ultimately the Business Studies course focuses on business organisations by looking at two aspects in particular:

The relationship between the business organisation and the economic, social, political and technological environment in which the firm operates.
The process of decision-making within the organisation, for example, what products and services to produce, and how should they be marketed?
Economics includes some of these aspects, but only as one minor part, as Economics covers a much broader area than Business Studies. For instance, Economics looks at the international economic scene, as well as the role that the government plays in the sections of the economy that are still run by the state, and those sections that have been privatized.

Economics is both a theoretical subject as well as being contemporary and real life discipline. Pupils will learn about how local, national and international economies operate and the how governments can influence and regulate industry behaviour.