Economics
Curriculum intent:
KS4
In the first component, “markets and firms”, the sub-topics are structured so that students first learn the basic tools and models of economics including the demand and supply model, then apply these to firms and different types of markets including labour market and financial market.
In the second component, “national and international economics”, the sub-topics are structured so that students first learn the macroeconomic indicators and objectives, followed by the government policies used to achieve these objectives such as fiscal and monetary policy, then finally extend this to the context of the international economy.
KS5
The curriculum promotes a logical and empirical discussion of opposing economic ideals: planned economy and the free market. This would equip pupils with the language and tools to access contemporary debates on how resources are allocated. Our target is that students use this language and tools to call the underpinnings of economic theories into question. These debates are crucial to each different career sector in which the subject of economics is used: commercial, institutional, and academic.
We categorise the curriculum into two components - microeconomics and macroeconomics.
In the first component, “microeconomics”, the curriculum is sequenced using a “zigzag” structure between opposing economic ideals: planned economy and the free market. Students are taught:
1) basic concepts and market models such as demand and supply model, cost and revenue of firms.
2) how these models behave and perform such as factors influencing the equilibrium.
3) a rationale for government intervention such as market failure from externalities.
4) how this intervention has the potential to fail such as government failure from taxation, minimum prices and regulation.
In the second component, “macroeconomics”, the curriculum is sequenced from a context of national economic performance to the international economy. Students are taught:
1) basic concepts and macro market models such as aggregate demand and aggregate supply.
2) main objectives and indicators such as unemployment and inflation
3) government policies used to influence the national economy such as fiscal and monetary policy.
4) application to the international economy such as trade policy and exchange rates.
Exam board: GCSE: OCR
A Level: OCR
Key Stage 4 |
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Autumn Term 1 |
Autumn Term 2 |
Year 10 |
Main economic groups and factors of production Basic economic problem Role of markets |
Demand Supply
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Year 11 |
Low unemployment Fair distribution of income Price stability |
Fiscal policy Mid-year assessment Monetary policy |
Key Stage 4 |
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Spring Term 1 |
Spring Term 2 |
Year 10 |
Price Competition Mid-year assessment |
Production Labour markets
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Year 11 |
Supply side policies Limitations of markets International trade
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Balance of payments Exchange rates Globalisation End of year assessment |
Key Stage 4 |
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Summer Term 1 |
Summer Term 2 |
Year 10 |
Financial markets Revision
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End of year assessment Economic growth
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Year 11 |
Exam preparation |
Exam preparation |
Key Stage 5 |
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Autumn Term 1 |
Autumn Term 2 |
Year 12 |
Microeconomics (4hrs) Economic problem Opportunity cost Allocation of resources Specialisation and trade Demand
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Microeconomics (4hrs) Supply Interaction of demand and supply Elasticity |
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Macroeconomics (4hrs) Circular flow of income Aggregate demand Aggregate supply |
Macroeconomics (4hrs) Multiplier and accelerator Economic growth Development |
Year 13 |
Microeconomics (4hrs) Cost, revenue, profit Economics of scale
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Microeconomics (4hrs) Mid-year assessment Perfect competition Monopoly |
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Macroeconomics (4hrs) International trade Exchange rates
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Macroeconomics (4hrs) Mid-year assessment Globalisation
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Key Stage 5 |
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Spring Term 1 |
Spring Term 2 |
Year 12 |
Microeconomics (4hrs) Concept of the margin Revision
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Microeconomics (4hrs) Mid-year assessment Market failure and externalities Information failure
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Macroeconomics (4hrs) Employment Inflation Revision |
Macroeconomics (4hrs) Mid-year assessment Balance of payments Income distribution and welfare |
Year 13 |
Microeconomics (4hrs) Monopolistic competition Oligopoly Contestable markets |
Microeconomics (4hrs) End of year assessment Demand for labour Supply for labour Labour market |
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Macroeconomics (8hrs) Trade policies and negotiations
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Macroeconomics (8hrs) End of year assessment Financial sector Financial regulation |
Key Stage 5 |
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Summer Term 1 |
Summer Term 2 |
Year 12 |
Microeconomics (4hrs) Public goods Government intervention Revision |
Microeconomics (4hrs) End of year assessment Business objectives
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Macroeconomic (4hrs) Fiscal policy Money and interest rates Monetary policy Revision |
Macroeconomic (4hrs) End of year assessment Supply side policy Phillips curve Policy conflicts |
Year 13 |
Exam preparation |
Exam preparation |