Economics

The Economics Department’s aim is to equip candidates with the basic tools of the economist to help them understand their place in and contribution to the local, national and global economy as consumers, workers and citizens. Students are encouraged to investigate a range of contemporary issues, analysing the evidence from different perspectives so as to make reasoned judgements and informed decisions. Students get to develop these skills, in lessons, and on immersive trips to various places of industry.

Secondary 2:
This Economics course aims to stimulate interest in how economies work – at personal, national and global levels. You will gain an understanding of economic ideas and their application to the real world. IGCSE Economics is split into two sections students will study over 2 Years.

1 How markets work
Students will look at economic foundations such as the nature and purpose of economic activity, the factors of production and the importance of making choices. Students will also look at how resources are allocated using a market mechanism. The central aspect will be an investigation of how prices are determined. This introduces students to concepts such as supply and demand, intermarket relationships and price elasticity. Students investigate the significance of costs, revenue and profit for producers, leading to an understanding of the concepts of production, productivity and economies of scale. Students will then explore the importance of competition in relation to resource allocation, leading to an investigation of the factors that lead to market failure, with an emphasis on the significance of externalities. Students would be encouraged to explore the moral, ethical and sustainability issues that underpin economic decision-making and economic activity.

2 How the economy works
Students are introduced to the wider economy from the perspective of the main economic groups: consumers, producers and government. Students explore the significance of interest rates including their impact on saving, borrowing and spending. The core of this unit will focus on government objectives and their role in managing the economy. A range of policies will be explored in relation to the objectives, highlighting the fact that pursuing one objective can have a detrimental effect on other objectives. Students also examine why countries trade, and the significance of the global economy, including free trade agreements. Finally, students will explore the role of money and the significance of the financial markets in modern economies. Students would be encouraged to explore the moral, ethical and sustainability issues that underpin all aspects of managing an economy.

Sixth Form:
This section of the specification is primarily about microeconomics. Students will be expected to acquire knowledge and understanding of a selection of microeconomic models and to apply these to current problems and issues. Microeconomic models such as demand and supply, perfect competition, monopoly, the operation of the price mechanism and the causes of market failure are central to this part of the specification. Students will need to demonstrate a realistic 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. The national and international economy
This section of the specification is primarily about macroeconomics. However, students would understand that microeconomic principles underpin the behaviour of the macroeconomy. Understanding some aspects of macroeconomic behaviour requires that students have a firm grasp of related microeconomic principles, for example, understanding of price elasticity of demand is essential when analysing the impact of changes in the exchange rate on an economy

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