Economics

Year 12 and 13

Economics

Aim

Develop an understanding of core economic concepts and their use to analyse and evaluate real world problems; develop an enquiring, critical and thoughtful approach to the study of economics and the ability to think as an economist.

See the  WGS Sixth Form Course Guidance information Booklet (pdf) for a detailed explanation of aims.

Topics covered

There are two themes covered in Year 12.

Theme 1: Introduction to markets and market failure

This theme focuses on microeconomic concepts. Students will develop an

understanding of:

  • nature of economics
  • how markets work
  • market failure
  • government intervention.

Theme 2: The UK economy – performance and policies

This theme focuses on macroeconomic concepts. Students will develop an understanding of:

  • measures of economic performance
  • aggregate demand
  • aggregate supply
  • national income
  • economic growth
  • macroeconomic objectives and policy

There are two themes covered in Year 13.

Theme 3: Business behaviour and the labour market

This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics. Students will develop an understanding of:

  • business growth
  • business objectives
  • revenues, costs and profits
  • market structures
  • labour market
  • government intervention.

Theme 4: A global perspective

This theme develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global context. Students will develop an understanding of:

  • international economics
  • poverty and inequality
  • emerging and developing economies
  • the financial sector
  • role of the state in the macroeconomy.

Please click on this link to the Edexcel Specification (pdf) which sets out the economics concepts taught and the understanding expected of students.

Homework

See the Homework section of the school website for details.

Assessment

There are formal tests at the end of each topic and mock exams in both Year 12 & 13.

Final Assessment in Year 13 is in the form of three written examinations each lasting 2 hours.

Paper 1: Markets and business behaviour (9EC0/01). Each question is set in a context, drawing on topics from across Themes 1 and 3.

Paper 2: The national and global economy (9EC0/02)

Paper 3: Microeconomics and Macroeconomics (9EC0/03)

Overview of assessment

Both papers 1 & 2 The paper comprises three sections. Students answer all questions from Section A and Section B, and one from Section C. Section A comprises a range of multiple-choice and short answer questions. Section B comprises one data response question broken down into a number of parts.  Section C comprises a choice of extended open-response questions; students select one from a choice of two.

Paper 3 comprises two sections. Each section comprises one data response question broken down into a number of parts, including a choice of extended open-response questions; students select one from a choice of two.