Economics is a fascinating and highly relevant subject. It is currently not taught until Year 11 but is popular with the students as they find it both intellectually stimulating and highly relevant to the modern world. Economics helps students to look more deeply into the world around them, specifically how and why it functions as it does. Economics can give you an insight into some of the most pressing and challenging problems facing the world today.
Economics does not revolve solely around the idea of making money, or booms and busts in financial markets and their effects on business performance. Economic decisions and activities impact on many different areas of society and on our own everyday lives – interest rate fluctuations, personal taxation, unemployment, labour force migration and football transfer prices, to name but a few. In a world where there is increasing debate about scarcity of resources, economics plays a key role in that it is fundamentally concerned with how to allocate those resources in the most efficient manner.
Click below to see the Economics curriculum and how it is assessed.
Economics - Curriculum and Assessment Map.docx
If you choose to study GCSE Economics at Barnhill you will gain knowledge in economic principles and their application, and an understanding of different economic systems. You will apply economic models and theories to real-life situations, which are made more complex by social, political and international constraints. Economics GCSE also provides a very useful grounding for any student thinking about studying Economics at A level, although it is not a pre-requisite.
GCSE Economics (comprised of three units assessed via a written exam):
- Microeconomics involves studying the role of markets in the distribution of resources, goods and services, and how markets work.
- In macroeconomics you study the UK economy as a whole, including developing an understanding of issues such as unemployment and inflation, use of interest rates as a tool, changing tax rates and altering public spending.
- Global economics involves studying topics such as international trade, exchange rates, globalisation and international economic development. Here students develop skills of interpreting data and making use of it to understand the global economy.
At AS and A2 level, the teaching of the course is split into microeconomics and macroeconomics, although these areas are jointly examined.
Microeconomics at AS Level examines the role of markets in the distribution of resources, goods and services, and also why markets may fail or work inefficiently. In macroeconomics, the course takes a broad look at the wider UK economy, with a deep analysis of the effectiveness of various policy tools that include adjusting interest rates, changing tax rates and altering public spending.
The A2 course and examinations follow a similar pattern to those at AS, although the focus is on the wider global economy. In microeconomics, there is a heavy emphasis on business economics. There is a strong graphical element to this part of the course, and more maths than at AS. In macroeconomics, there is an increased on focus on international trade and development, as well as greater emphasis on the mechanics of measuring economic variables such as inflation and unemployment.