Economics

Why is economics important?

Economics is an important subject, which develops students’ skills in questioning national and global economic issues. It has never been more a more current and topical subject than during this period of time. The content learnt in economics is relevant and will support student in a range of career disciplines.

What is the aim of the economics curriculum at Oaklands?

We aim for our students to develop an understanding of both micro and macro economics, whereby students can ply their knowledge within a national and global context in an analytical and evaluative format. We also intend for our students to develop many transferable skills that will support them in higher education or employment.

It is our aim that students will develop their understanding of micro economic markets in relation to demand and supply, perfect competition, monopoly, the operation of the price mechanism and examining causes of market failure. Students will develop their understanding of the decisions made by firms and how their behaviour can be affected by the structure and characteristics of the industry in which they operate.

In year 13, students learning is developed further through applying their knowledge and critical thinking to the operation of labour markets, wage determination and causes of inequalities in the distribution of income and wealth

Students will also acquire a good knowledge of the developments in the UK economy and government policies over recent years. They will also become aware of developments in the world economy, including the European Union, and how these have affected the UK. At the end of this course, students should be able to propose, analyse and evaluate possible solutions to macroeconomic problems. They will be able to assess the impact and effectiveness of current government policies to deal with these problems, as well as consider alternative policies and approached

Students will

Understand the role of evidence in economic decision making and appreciate the importance of value judgements
Develop the knowledge and skills needed to understand and analyse data, think critically about issues and make informed decisions.
Show competence in relevant quantitative skills and be familiar with the various types of statistical and other data which are commonly used by economists.
Be able to make relevant calculations from economic data and be able to interpret data presented in the form of index numbers. Examples of other relevant quantitative skills include: the construction and use of graphs and the application of statistical measures
Use their quantitative skills and understanding of data when evaluating arguments, and critically decipher between normative and positive statements when judging economic arguments.

How is the curriculum Economics structured?

Over the two years students study modules in both Macro and Micro Economics

In year 12 students will study then following micro economic modules:

Economic methodology and the economic problem
Price determination in a competitive market
Individual economic decision making
The market mechanism, market failure and government
Production, costs and revenue
Perfect competition, imperfectly competitive markets and monopoly

They will also study the following macro economic modules:

The objectives of government economic policy
Macroeconomic indicators
The circular flow of income
Aggregate demand and aggregate supply analysis
Economic growth and the economic cycle
Inflation and deflation
Employment and unemployment
The balance of payments
Government policy: monetary policy, fiscal policy, supply side policy

The work in year 12 is developed further to include the following topics in year 13

The labour market
Distribution of wealth and income
Globalisation
Economic Growth and Development
Trade
Financial markets

KS5 Qualification title: AQA A’Level Economics

(link to KS5 subject overview - these have already been written)

https://www.oaklands.towerhamlets.sch.uk/6th_Form_Subjects/Economics_A-Level_Information.pdf

Economics Curriculum Maps

Years 12 & 13 Economics Curriculum Maps

Additional learning resources:

There are many useful websites to support learning. They provide a background notes, topic videos, and examples of business activity

https://www.tutor2u.net/business

https://www.economicsonline.co.uk/

https://www.economist.com

https://www.economicshelp.org/

Practical tips / activities for parents to support learning at home

The first step to success is to be organised. Therefore, it is necessary for students to keep a learning file that is organised. It should contain copies of all notes, assessments, and homework in date order. It is always helpful, if parents check their son/ daughter’s folders to see if the work is organised and filed correctly.

Show an interest in your son/ daughter’s subject and ask about what aspects of economics that they are focussing on.