Floreat schola Cryptiensis
Our Economics department fosters a deep interest and understanding of how economies function and the impact of economic decisions on individuals, businesses, and societies. By developing analytical and evaluative skills, students engage with real-world economic challenges, evaluating policies and trade-offs from a local and global perspective. We cultivate thoughtful, informed individuals who are equipped to contribute to economic discussions and policy-making, demonstrating integrity and a commitment to a fair and inclusive society.
Theme 1
1.1 Nature of economics
The economic problem
Economics as a social science
Positive and normative
economic statements
Production possibility frontiers
Specialisation and the division of labour
Edexcel
Economics A
Free market economies, mixed economy and command economy
Year 12
1.2 How markets work
Rational decision making
Alternative views of consumer behaviour
Demand
Supply
Price determination
Price mechanism
Consumer and producer
surplus
Price, income and cross
elasticities of demand
Elasticity of supply
Indirect taxes and subsidies
Theme 1
1.3 Market failure
Types of market failure
Externalities
Public goods
Information gaps
1.4 Government intervention
Government intervention in markets
Government failure
Theme 2
Introduction to macroeconomics
Circular flow of income
Possible macroeconomic objectives
Theme 2
2.2 Aggregate demand
The characteristics of AD
Consumption (C)
Investment (I)
Government expenditure (G)
Net trade (X-M)
2.3 Aggregate supply
The characteristics of AS
Short-run AS Long-run AS
2.4 National Income
Equilibrium levels of real national output
The multiplier
2.1 Measures of economic performance
Economic growth
Inflation
Employment and unemployment
Balance of payments
Theme 2
2.5 Economic growth
Trade (business) cycle
Output gaps
Causes of growth
The impact of economic growth
2.6 Macroeconomic
objectives and policies
Demand-side policies
Supply-side policies
Conflicts and tradeoffs between objectives and policies
Theme 3
3.1 Business growth
Sizes and types of firms
Business growth
Demergers
Theme 3
3.3 Revenues, costs and profits
Revenue
Costs
Economies and diseconomies of scale
Normal profits, supernormal profits and losses
3.2 Business objectives
- Understand the nature of economics
- Use supply and demand to analyse real world situations and impacts on markets.
- Understand how markets can fail to deliver the socially optimal level of output as a result of externalities, public goods and information gaps.
- Describe, explain and evaluate ways in which governments can intervene in markets.
- Understand the main measures of economic performance used in assessing the UK economy and their application over the last ten years.
- Understand and use macroeconomic models including aggregate demand, aggregate supply, the circular flow of income and multiplier
- Be able to describe the causes of economic growth, and its positive and negative consequences.
- Develop an awareness of the types and effects of different possible macroeconomic policies and how they might conflict with each other and the macroeconomic objectives of governments.
Assessment
3.4 Market structures
Efficiency
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
Monopsony Contestability
3.5 Labour market
Demand for labour
Supply of labour
Wage determination in competitive and non-competitive markets
Theme 3
3.6 Government intervention
Government intervention
The impact of government intervention
Theme 4
4.1 International economics
Globalisation
Specialisation and trade
Pattern of trade
Terms of trade
Trading blocs and the World Trade Organisation (WTO)
Restrictions on free trade
Restrictions on free trade
Restrictions on free trade
International competitiveness
Theme 1 & 2 Knowledge Test
3.4 Assessed Essay
November Internal Exam - A level Paper 1
Theme 1-3 Diagrams Test
Theme 4
4.2 Poverty and inequality Absolute and relative poverty Inequality
4.3 Emerging and developing economies Measures of development Factors influencing growth and development Strategies influencing growth and development
4.4 The financial sector Role of financial markets Market failure in the financial sector Role of central banks
Theme 4
4.5 Role of the state in the macroeconomy
Public expenditure
Taxation
Public sector finances
Macroeconomic policies in a global context
Revision/Exams - Understand how market structures affect the pricing and nature of competition among firms.
- Consider the size and growth of firms and why some firms tend to remain small.
- Evaluate the rational assumption that firms are profit maximisers and describe alternative business objectives.
- Analyse and evaluate the pricing and output decisions of firms through an understanding of revenues, costs and profits.
- Apply supply and demand analysis to the labour market.
- Appraise government intervention aimed at promoting competitive markets.
- Understand the significance of globalisation, international trade, the balance of payments and exchange rates.
- Analyse and evaluate public finance, macroeconomic policies and the role of the financial sector in a global context.
- Consider the factors influencing the growth and development of emerging and developing countries.
- Apply, analyse and evaluate economic models to assess policies that might be used to address economic challenges.
- Develop an awareness of trends in the global economy over the last 25 years.