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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

 

Autumn Term 1

Autumn Term 2

Year 10

Main economic groups and factors of production

Basic economic problem

Role of markets

Demand

Supply

 

Year 11

Low unemployment

Fair distribution of income

Price stability

Fiscal policy

Mid-year assessment

Monetary policy

Key Stage 4

 

Spring Term 1

Spring Term 2

Year 10

Price

Competition

Mid-year assessment

Production

Labour markets

 

Year 11

Supply side policies

Limitations of markets

International trade

 

Balance of payments

Exchange rates

Globalisation

End of year assessment

Key Stage 4

 

Summer Term 1

Summer Term 2

Year 10

Financial markets

Revision

 

End of year assessment

Economic growth

 

Year 11

Exam preparation

Exam preparation

 

Key Stage 5

 

Autumn Term 1

Autumn Term 2

Year 12

Microeconomics (4hrs)

Economic problem

Opportunity cost

Allocation of resources

Specialisation and trade

Demand

 

Microeconomics (4hrs)

Supply

Interaction of demand and supply

Elasticity

 

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

 

Microeconomics (4hrs)

Mid-year assessment

Perfect competition

Monopoly

 

Macroeconomics (4hrs)

International trade

Exchange rates

 

Macroeconomics (4hrs)

Mid-year assessment

Globalisation

 

Key Stage 5

 

Spring Term 1

Spring Term 2

Year 12

Microeconomics (4hrs)

Concept of the margin

Revision

 

Microeconomics (4hrs)

Mid-year assessment

Market failure and externalities

Information failure

 

 

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

 

Macroeconomics (8hrs)

Trade policies and negotiations

 

Macroeconomics (8hrs)

End of year assessment

Financial sector

Financial regulation

Key Stage 5

 

Summer Term 1

Summer Term 2

Year 12

Microeconomics (4hrs)

Public goods

Government intervention

Revision

Microeconomics (4hrs)

End of year assessment

Business objectives

 

 

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