GCSE Economics
To be successful as a student of economics, attitude to learning must be outstanding and consistent. A successful Poly Economics student is someone who takes a genuine interest in the world around them. He will be able to use diagrams to analyse how the forces of supply and demand determine price and be able to evaluate the benefits as well as the drawbacks of inflation. A student who watches the news, reads articles in newspapers or online and thinks critically about the information given to them will have a distinct advantage in economics. As economics is a subject that relates so closely to real life, a successful economics student will look for links between the topics of study and the real world. For example, the pros and cons of free trade link directly to how best the UK government should approach Brexit. Economics is a challenging subject at all levels and requires strong literacy skills in terms of reading, writing and comprehension. Maths skills are also important, so the successful economics student will always bring maths equipment to class and be prepared to calculate, draw graphs and interpret data. The most successful students have almost always been the ones prepared to involve themselves in class discussions. There is never any shame in trying and getting it wrong. The shame is in not trying at all!
Key stage 4 Curriculum
Economics is about people and their economic choices. This course enables pupils to appreciate we are all part of the economy, and that economics relates to every aspect of our lives – from the decisions of individuals or families to the structures created by governments and producers. It will develop our pupils understanding of how economic issues affect choices about resources and markets and vice versa. Economics equips pupils with the skills and confidence to explore how consumers, producers and governments interact in markets nationally and internationally. It provides a well-rounded introduction to this subject and an excellent foundation for A Level study in Economics. By learning how to explain and evaluate economic problems and possible solutions, pupils will acquire a way of thinking as economists and develop a logical approach to thinking and reasoning. By learning how to use economic data from a range of sources, such as tables, charts and graphs, pupils will acquire the skills to make informed judgements and to communicate in a clear and concise way. Pupils will benefit from these transferrable skills in their further study and employment. OCR’s GCSE (9–1) in Economics will enable pupils to become better-informed and more responsible citizens, consumers, and producers, by allowing them to develop an awareness for the importance of the economic dimension to our lives. This will allow them to become more confident in the economic choices relating to their life and work. Our curriculum has been designed in conjunction to ensure that is inclusive and has been created to allow all pupils to achieve their potential. We have looked closely at creating assessments which stem from teaching and learning and the study of Economics, ensuring that the focus is on what is best for the pupils.
Our core concepts through the course of the study will be applied to a variety of different areas of study. These are:
Core Concepts
| The Economic Problem and scarcity | The role of markets and money | Economic objectives and the role of the government | International trade and the global economy |
support materials and useful links
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Knowledge Booklets and Knowledge Organisers
Course Overview
| YEAR | TERM 1 | TERM 2 | TERM 3 | TERM 4 | TERM 5 | TERM 6 |
|---|---|---|---|---|---|---|
|
YEAR 10 |
Intro to Economics. The role of markets. Demand and Supply. |
Supply. Price. |
Competition. Production. |
The labour market. The role of money and financial sector. Exam prep. |
Exam prep. Economic growth. Low unemployment. Fair distribution of income and wealth. |
Price stability and inflation. Microeconomics Recap.
|
| YEAR 11 |
Price stability and inflation. Government spending and revenue. |
Monetary policy. Supply side policies. Limitations of markets. International trade and the global economy. |
Balance of payments. Exchange rates Globalisation. |
Exam prep. |
Exam prep. |
Assessment
1 Introduction to Economics – 1 hour 30
2 National and International Economics – 1 hour 30
The structure of the two question papers is identical. Each question paper has 20 multiple choice questions in part A. Part B consists of three questions, each with a short case study and related short and medium response questions as well as the opportunity for extended response. Both question papers assess the quantitative skills as outlined in Appendix 5c of this specification. The maximum number of marks for each question paper is 80 marks, so 160 marks in total. Each of the two questions papers count towards 50% of the qualification.
Specification – https://www.ocr.org.uk/qualifications/gcse/economics-j205-from-2017/specification-at-a-glance/
DEPARTMENT INFORMATION
Any specialist equipment required?
- An OCR GCSE Economics textbook is a great resource to own but not compulsory. Pen, pencil, ruler and calculator are essential.
Enrichment opportunities
- Trip to the Bank of England
Clubs or Interventions
- Homework Club
- Revision classes
- Full extended school programme approaching public exam periods
Future careers and University courses.
| UNIVERSITY COURSES | CAREERS |
|---|---|
|
Economics Politics and Economics Business Economics Economics and Geography Economics and Accounting Economics and Data Analytics Financial Economics and Banking Economics and Mathematics Economics and Finance Economics, Politics and International Relations Philosophy, Politics and Economics |
Assistant Economist Associate Economist Economic Analyst Economist Junior Economist Retail Banking Investment banking Chartered account Certified accountant Management accountant Investment analyst Financial risk analyst Financial services Business management consultant |
Social, Moral, Social, Cultural (SMSC) and British Values
At KS4, the idea of individual liberties is inherent to the study of markets where consumer preference takes centre stage. Free markets are intertwined with the allocation of resources in democratic countries and consumers “vote” every time they spend. Students learn the role of government in increasing social welfare through progressive taxation, income redistribution and spending on health, education, and infrastructure. Democracy allows us to vote and express our preferences for government policy, including fiscal policy, spending on aid, regional policy etc. Democracy is a key factor in determining the economic system of our economy, and the balance between allocating resources by the free market and through government intervention. We sometimes impose economic sanctions on undemocratic government regimes. Development economists are often concerned with the relationship between the strength of democracy in an economy and the level of economic development.
At KS5, the rule of law is considered as a core principle of the free enterprise system and a precursor for successful economic development. Students learn the contribution of British economists such as Adam Smith and John Maynard Keynes in the intellectual development of Economics as a social science. We look at the development stories of Sub-Saharan Africa where some of the world’s fastest growing economies reside and learn about the models and concepts mastered by BAME economists such as Arthur Lewis and Thomas Sowell. Economies are more likely to develop and grow if they have a strong institutional framework e.g., neutral, and effective judiciary, trustworthy central bank and
financial sector etc. The rule of law is fundamental to an economy’s success and growth. The rule of law means that contracts between buyers and sellers in markets are upheld, allowing markets to work more efficiently. The rule of law allows market failure to be addressed by competition authorities and through the courts, when necessary, e.g., employment tribunals for unfair dismissal, fines for abuse of market power, breach of environmental legislation.