Economics
Subject intent
Studying Economics will help students to be leaders in their chosen field by developing engagement with the wider world and being able to think critically about the impact of government policy and business objectives on society and all the key economic agents. It takes students out of their comfort zone by viewing the world completely differently, with the world fixated on money and profit, economics allows students to think deeply about the pursuits and trade-offs of these goals.
In microeconomics, you will delve into the study of individuals and firms, gaining insights into how they make critical decisions about production, consumption, and pricing. Why do train companies implement high peak-time prices? Who should be accountable for the environmental damage caused by pollution? Should there be a pay disparity between cleaners and doctors, and what justifies this? These questions will spark your curiosity and empower you to understand and challenge the economic principles that shape our society.
Macroeconomics will broaden your perspective, helping you analyse the larger economic forces at play. You will decipher the meanings and implications of terms like recession, austerity, and inflation. Should governments prioritize national wealth or the happiness of their citizens? How can we effectively address deep-rooted poverty and unemployment? These inquiries will equip you with the knowledge to interpret economic news and contribute to informed discussions on societal well-being.
Throughout this course, you will discover connections with other disciplines: leveraging scientific methods for data analysis and applying mathematical skills to interpret graphs and equations. While economics involves mathematical rigor, your ability to explain and analyse complex ideas in clear, written English is equally essential. The course also incorporates philosophical and ethical dimensions, prompting debates on whether happiness outweighs wealth in measuring economic growth. You will draw on a broad spectrum of knowledge, considering factors like climate change, population growth, and technological advancements to fully understand issues like fluctuating food prices. This helps students develop independent thinking about the world around them.
Our aim at HSAEL is to equip you with the analytical tools and critical thinking skills necessary to drive social change. By understanding and challenging existing economic structures, you will be prepared to tackle inequality, promote sustainability, and be the leaders of a fairer and more just world.
Subject links to HSAEL values
Every student will be a leader in their chosen field, with many choosing to be leaders in STEM. At HSAEL, we believe in leadership with GRACE. We enact this mission by developing growth, fostering a sense of responsibility, promoting ambition, encouraging compassion, and cultivating excellence.
| Autumn 1 | Autumn 2 | Spring 1 | Spring 2 | Summer 1 | Summer 2 | |
|---|---|---|---|---|---|---|
| Year 12 | Macro: Introduction to Macro and Macroeconomic Objectives (Introducing Unemployment, Balance of Payments, Sustainability and Inequality) | Macro: Constructing AD AS SRAS and LRAS | Macro | Trade Offs Between Policy Objectives | AS Exam Consolidation and Structure work including learning gaps being retaught | Macro |
| -The Conflicts Between Economic Objectives and why they occur | Macroeconomic Equilibrium | Employment and Unemployment | Fiscal Policy | Macro | Globalisation and Patterns of Trade | |
| -Making Sense of Economic Data | Economic Growth and the Economic Cycle | Inflation and Deflation | Supply Side Policy | Monetary Policy | Absolute and Comparative Advantage | |
| - Circular Flow | Micro: | Balance of Payments Current Account | Government intervention in markets, | Micro | Protectionism | |
| The Basic Economic Problems of Scarcity and Specialisation | Elasticities (PED, YED, XED, PES) | Government failure | Introduction to Monopoly | Economic Integration | ||
| Behavioural Economics | Consumer and Producer Surplus | Introduction to Economic Efficiencies | Micro | |||
| The meaning of market failure, 4.1.8.3 Public goods, private goods and quasi-public goods, 4.1.8.4 Positive and negative externalities in consumption and production, 4.1.8.5 Merit and demerit goods, | ||||||
| Supply | Costs (Diminishing returns, Costs of Production and Economies of SCALE) |
| Autumn 1 | Autumn 2 | Spring 1 | Spring 2 | Summer 1 | Summer 2 | |
| Year 12 | Macro: Introduction to Macro and Macroeconomic Objectives (Introducing Unemployment, Balance of Payments, Sustainability and Inequality) | Macro: Constructing AD AS SRAS and LRAS | Macro | Trade Offs Between Policy Objectives | AS Exam Consolidation and Structure work including learning gaps being retaught | Macro |
| -The Conflicts Between Economic Objectives and why they occur | Macroeconomic Equilibrium | Employment and Unemployment | Fiscal Policy | Macro | Globalisation and Patterns of Trade | |
| -Making Sense of Economic Data | Economic Growth and the Economic Cycle | Inflation and Deflation | Supply Side Policy | Monetary Policy | Absolute and Comparative Advantage | |
| - Circular Flow | Micro: | Balance of Payments Current Account | Government intervention in markets, | Micro | Protectionism | |
| The Basic Economic Problems of Scarcity and Specialisation | Elasticities (PED, YED, XED, PES) | Government failure | Introduction to Monopoly | Economic Integration | ||
| MICRO | ||||||
| Behavioural Economics | Consumer and Producer Surplus | Introduction to Economic Efficiencies | Micro | |||
| The meaning of market failure, 4.1.8.3 Public goods, private goods and quasi-public goods, 4.1.8.4 Positive and negative externalities in consumption and production, 4.1.8.5 Merit and demerit goods, | ||||||
| Supply | Costs (Diminishing returns, Costs of Production and Economies of SCALE) | |||||
| Demand | Revenues | |||||
| Equilibrium | Profit | |||||
| Technology | ||||||
| Market Structures | ||||||
| Efficiencies | ||||||
| Monopoly | Contestible Markets- continued | Micro: | Recap on Market Structures and Targeted Assessment | Paper 3 Exam Skills and Targeted Revision on Weak Areas (GAPS) | ||
| Perfect competition | Labour Markets | Government Intervention- Privatisation, Nationalisation and Regulation | Paper 3 Exam introduction | All past papers completed | ||
| Year 13 | ||||||
| Objectives of firms | Demand for Labour | Competition Policy | ||||
| Recap on The Global Economy and Trade and Targeted Examination | ||||||
| Oligopoly | Supply For Labour | Market Imperfections | ||||
| Recap on The Financial Sector and Policies (Monetary Specifically) | ||||||
| Price Discrimination | Wage Determination | Monopsony in product markets | ||||
| Competitive Markets and Contestability | Unions and Minimum wage | Recap on Market Failure and Targeted Examination | ||||
| Monopsony | ||||||
| Macro Lessons | ||||||
| Unit title: | Discrimination | |||||
| Inequality | ||||||
| The Balance of Payments and Trade | ||||||
| Unit title: | Poverty | |||||
| Exchange Rates | ||||||
| The Financial Sector | Recap on Economic Objectives and Targeted Examination | |||||
| Development Strategies | ||||||
| Central Banks | Recap on Macro Policies and Targeted Examination | |||||
| Commercial Banks | ||||||
| Monetary Policy Recap | ||||||
| Financial Regulation | ||||||
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For GCSE, Subject follows the OCR exam board. See the specification here. https://ocr.org.uk/Images/306377-specification-accredited-gcse-economics-j205.pdf |
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For A-Level, Subject follows the AQA exam board. See the specification here. https://filestore.aqa.org.uk/resources/economics/specifications/AQA-7135-7136-SP-2015.PD |
How does the study of Economics link to future careers?
Economics hones critical thinking and quantitative analysis, essential for roles such as financial analysts, data scientists and policy advisors both in the private and public sector. The discipline teaches how to approach complex problems systematically, a valuable skill in management, consulting and strategic planning.
Career opportunities: Finance and Banking, Government and Public Policy, Data Science and Analytics, Academia and Research, Journalism and Media, Legal and Regulatory
How does Subject link to the extra-curricular provision at HSAEL? Trips, enrichment, clubs, CED day
Economics link to debating clubs, maths Clubs and student government.
Trips to places such as Bank of England and London Stock Exchange (LSE)