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Economics
Economics equips students with the tools to interpret the modern world. It is great preparation for a range of university courses and careers, from government to business, providing training in logical thinking, interpretation of data, and the ability to argue one’s case. It sits neatly at the intersection of academic disciplines, to study Economics is to confront the world as it really is – and as we would like it to be.
Year 12 Term 1
Term 1
What?What are we learning? What’s interleaved? What’s challenging? Students will begin their A-Level studies of Edexcel’s Specification A, studying Themes 1 and 2 simultaneously with different teachers. Theme 1, Markets and Market Failure, covers microeconomics and, in this term we take some time to establish the nature of the economic problem, and what studying the subject involves. We follow this with some fundamental elements of the discipline, such as key assumptions, production possibility frontiers and the division of labour, and then challenge those ideas through a quick consideration of behavioural economics, which upends mot of the key assumptions. We end the term beginning to examine in depth how markets work, by looking at what ‘demand’ involves. Theme 2, the UK Economy performance and policies, covers macroeconomics and essentially covers the issue of how we assess the strength of the UK economy. In this term, we cover the main parts of sections 1 and 2 of the theme, including inflation, aggregate demand and consumption. |
Why?Why do we need to deliver this (vision statement)? Why now? Our rationale for teaching Economics is below. We chose Edexcel Specification A because it is a traditional course (unlike Specification B) which provides a good foundation in the subject, and good university preparation. The order for teaching the topics is largely defined by the specification, as each one builds on the one before. Rationale:- Economics equips students with the tools to interpret the modern world. It is great preparation for a range of university courses and careers, from government to business, providing training in logical thinking, interpretation of data, and the ability to argue one’s case. It sits neatly at the intersection of academic disciplines, allowing mathematicians to apply their understanding to real life, and humanities students to ensure their ideas are underpinned by statistical rigour. To study Economics is to confront the world as it really is – and as we would like it to be.
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How?How will they achieve this? How will all access this (inclusion for all/ SEND)? Core knowledge:
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How well?What should they be able to know? What should they be able to do? How do they know they have done this well? Because they can… begin to understand and articulate some of the foundational concepts of the discipline. What should they be able to know? See core knowledge above. What should they be able to do? Write concise, clear and accurate responses Learning checkpoints and assessment: throughout, small scale as students adapt to A Level requirements |
Where next?
Where do we go from here?
Both units continue into term 2.
Year 12 Term 2
Term 2
What?What are we learning? What’s interleaved? What’s challenging? Students will continue their A-Level studies of Edexcel’s Specification A, studying Themes 1 and 2 simultaneously with different teachers. Theme 1, Markets and Market Failure, covers microeconomics and, in this term we complete the basic elements of the way markets work, by looking at supply. We then move on to putting supply and demand together, explaining how the price mechanism works and considering, explaining and calculating various elasticities. Theme 2, the UK Economy performance and policies, covers macroeconomics and this term focusses on aggregate supply and national income, before revisiting inflation and unemployment. |
Why?Why do we need to deliver this (vision statement)? Why now? Our rationale for teaching Economics is below. We chose Edexcel Specification A because it is a traditional course (unlike Specification B) which provides a good foundation in the subject, and good university preparation. The order for teaching the topics is largely defined by the specification, as each one builds on the one before. Rationale:- Economics equips students with the tools to interpret the modern world. It is great preparation for a range of university courses and careers, from government to business, providing training in logical thinking, interpretation of data, and the ability to argue one’s case. It sits neatly at the intersection of academic disciplines, allowing mathematicians to apply their understanding to real life, and humanities students to ensure their ideas are underpinned by statistical rigour. To study Economics is to confront the world as it really is – and as we would like it to be. |
How?How will they achieve this? How will all access this (inclusion for all/ SEND)? Core knowledge: Some examples include:- Causes of shifts in supply How to calculate, and factors that affect, PED, IED, XED and PES SRAS and LRAS The multiplier
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How well?What should they be able to know? What should they be able to do? How do they know they have done this well? Because they can….continue to understand and articulate some of the foundational concepts of the discipline What should they be able to know? See core knowledge above What should they be able to do? Write concise, clear and accurate responses Learning checkpoints and assessment: throughout, small scale as students adapt to A Level requirements |
Year 12 Term 3
Term 3
What?What are we learning? What’s interleaved? What’s challenging? Students will continue their A-Level studies of Edexcel’s Specification A, studying Themes 1 and 2 simultaneously with different teachers. Theme 1, Markets and Market Failure, covers microeconomics and, in this term we begin by explaining how taxes and subsidies affect the price mechanism and then begin to consider market failure, investigating ways in which the market mechanism does not work anywhere near as well as its advocates might claim. Theme 2, the UK Economy performance and policies, covers macroeconomics and this term focusses on economic growth, followed by an examination of the varied and often competing economic objectives, before beginning to look at specific demand-side policies and their effect on the economy. |
Why?Why do we need to deliver this (vision statement)? Why now? Our rationale for teaching Economics is below. We chose Edexcel Specification A because it is a traditional course (unlike Specification B) which provides a good foundation in the subject, and good university preparation. The order for teaching the topics is largely defined by the specification, as each one builds on the one before. Rationale:- Economics equips students with the tools to interpret the modern world. It is great preparation for a range of university courses and careers, from government to business, providing training in logical thinking, interpretation of data, and the ability to argue one’s case. It sits neatly at the intersection of academic disciplines, allowing mathematicians to apply their understanding to real life, and humanities students to ensure their ideas are underpinned by statistical rigour. To study Economics is to confront the world as it really is – and as we would like it to be.
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How?How will they achieve this? How will all access this (inclusion for all/ SEND)? Core knowledge: Some examples include:- How to depict and explain tax and subsidy incidence Public goods Positive and negative externalities Economic growth, its causes and impact Characteristics of booms and recessions
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How well?What should they be able to know? What should they be able to do? How do they know they have done this well? Because they can….continue to understand and articulate some of the foundational concepts of the discipline What should they be able to know? See core knowledge above What should they be able to do? Write concise, clear and accurate responses Learning checkpoints and assessment: throughout, small scale as students adapt to A Level requirements |
Where next?
Where do we go from here?
Both units continue into term 4.
Year 12 Term 4
Term 4
What?What are we learning? What’s interleaved? What’s challenging? Students will continue their A-Level studies of Edexcel’s Specification A, studying Themes 1 and 2 simultaneously with different teachers. Theme 1, Markets and Market Failure, covers microeconomics and, in this term we conclude the theme, completing our study of market failure by examining information gaps, and then considering government intervention to correct market failure, and why and whether it works.Theme 2, the UK Economy performance and policies, covers macroeconomics and this term concludes our examination of demand-side policies and finishes the theme with supply-side policies. |
Why?Why do we need to deliver this (vision statement)? Why now? Our rationale for teaching Economics is below. We chose Edexcel Specification A because it is a traditional course (unlike Specification B) which provides a good foundation in the subject, and good university preparation. The order for teaching the topics is largely defined by the specification, as each one builds on the one before. Rationale:- Economics equips students with the tools to interpret the modern world. It is great preparation for a range of university courses and careers, from government to business, providing training in logical thinking, interpretation of data, and the ability to argue one’s case. It sits neatly at the intersection of academic disciplines, allowing mathematicians to apply their understanding to real life, and humanities students to ensure their ideas are underpinned by statistical rigour. To study Economics is to confront the world as it really is – and as we would like it to be.
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How?How will they achieve this? How will all access this (inclusion for all/ SEND)? Core knowledge: Some examples include:- Budget deficit and surplus Recent UK economic history Market intervention strategies Information gaps Maximum and minimum prices Causes of government failure
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How well?What should they be able to know? What should they be able to do? How do they know they have done this well? Because they can….continue to understand and articulate some of the foundational concepts of the discipline What should they be able to know? See core knowledge above What should they be able to do? Write concise, clear and accurate responses Learning checkpoints and assessment: throughout, small scale as students adapt to A Level requirements |
Where next?
Where do we go from here?
Consolidation for PPEs, and work on Theme 4, is due to follow in term 5
Year 13 Term 1
Term 1
What?What are we learning? What’s interleaved? What’s challenging? Students will continue their A-Level studies of Edexcel’s Specification A, focussing on Theme 3 – Business Behaviour and Labour Markets – which is examined on Paper 1 (along with Theme 1) and also as part of the synoptic Paper 3. We focus on the theory of the firm, looking at the traditional assumption that, rationally, firms will seek to maximise profits, and the business decisions and calculations that are taken in pursuit of this – but also at alternative business objectives and when/how/why these might be pursued. We will also (begin to) examine different market structures and their effect on business behaviour. |
Why?Why do we need to deliver this (vision statement)? Why now? Our rationale for teaching Economics is below. We chose Edexcel Specification A because it is a traditional course (unlike Specification B) which provides a good foundation in the subject, and good university preparation. The order for teaching the topics is largely defined by the specification, as each one builds on the one before. Rationale:- Economics equips students with the tools to interpret the modern world. It is great preparation for a range of university courses and careers, from government to business, providing training in logical thinking, interpretation of data, and the ability to argue one’s case. It sits neatly at the intersection of academic disciplines, allowing mathematicians to apply their understanding to real life, and humanities students to ensure their ideas are underpinned by statistical rigour. To study Economics is to confront the world as it really is – and as we would like it to be.
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How?How will they achieve this? How will all access this (inclusion for all/ SEND)? Core knowledge: Some examples include:-
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How well?What should they be able to know? What should they be able to do? How do they know they have done this well? Because they can… begin to understand and articulate some of the foundational concepts of the discipline. What should they be able to know? See core knowledge above. What should they be able to do? Write concise, clear and accurate responses Learning checkpoints and assessment: throughout |
Where next?
Where do we go from here?
The unit continues into term 2, when PPE preparation will also be important.
Year 13 Term 2
Term 2
What?What are we learning? What’s interleaved? What’s challenging? Students will continue their A-Level studies of Edexcel’s Specification A, focussing on Theme 3 – Business Behaviour and Labour Markets – which is examined on Paper 1 (along with Theme 1) and also as part of the synoptic Paper 3. We complete our study of different market structures and then focus on the impact of government intervention in various markets (such as in the energy industry over recent years) as well as looking in depth at the economics of the labour market. PPEs will take place in December and so part of lesson time will be devoted to preparing for and feeding back on these. |
Why?Why do we need to deliver this (vision statement)? Why now? Our rationale for teaching Economics is below. We chose Edexcel Specification A because it is a traditional course (unlike Specification B) which provides a good foundation in the subject, and good university preparation. The order for teaching the topics is largely defined by the specification, as each one builds on the one before. Rationale:- Economics equips students with the tools to interpret the modern world. It is great preparation for a range of university courses and careers, from government to business, providing training in logical thinking, interpretation of data, and the ability to argue one’s case. It sits neatly at the intersection of academic disciplines, allowing mathematicians to apply their understanding to real life, and humanities students to ensure their ideas are underpinned by statistical rigour. To study Economics is to confront the world as it really is – and as we would like it to be.
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How?How will they achieve this? How will all access this (inclusion for all/ SEND)? Core knowledge: Some examples include:- Key features of different market structures The economics of the labour market Aims, and evaluation, of government intervention in various market structures/product markets |
How well?What should they be able to know? What should they be able to do? How do they know they have done this well? Because they can….begin to understand and articulate some of the foundational concepts of the discipline What should they be able to know? See core knowledge above What should they be able to do? Write concise, clear and accurate responses Learning checkpoints and assessment: throughout. |
Where next?
Where do we go from here?
Next term sees a focus on Theme 4.
Year 13 Term 3
Term 3
What?What are we learning? What’s interleaved? What’s challenging? What are we learning? Throughout Term 1 and Term 2, students have been studying A2 Microeconomics content which is 90% complete as of Christmas 2023. At the start of Term 3, students will be completing the remaining 10% of A2 Economics, which will follow the following structure. Week 1 – Government intervention on the labour market (3.5.3) Week 2 – Government intervention to promote contestability and competition (3.6.1) and the impact of government intervention (3.6.2) Week 3 – The impact of government intervention (3.6.2) From week 4 onwards in Term 3, students will be studying the A2 Macroeconomics content. Students will study the following topics Week 4 – 4.1.1 Globalisation and 4.1.2Specialisation and trade Week 5 – 4.1.3 Terms of Trade and 4.1.4 Terms of trade Week 6 – 4.1.5 Trading Blocs and 4.1.6 World Trade Organisation What’s interleaved? All topics learnt so far in Year 12 and 13 (micro and macro) will be interleaved into lessons through retrieval questions at the set at the start of each lesson. What’s challenging? Students haven’t studied macroeconomics since the end of Year 12, so may find concepts difficult to retrieve. A lot of focus will be on retrieving core information once the macroeconomics teaching starts at the beginning of week 4. |
Why?Why do we need to deliver this (vision statement)? Why now? Students are sitting three papers at the end of Year 13. Students have had a lot of practice on Paper 1 past papers (microeconomics), but have lacked the knowledge to undertake Paper 2 (macroeconomics) past papers. The second part of this half-term will start to provide students with the knowledge to access these paper 2 questions.
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How?How will they achieve this? How will all access this (inclusion for all/ SEND)? Core knowledge: 3.5.3 Government intervention in the labour market: maximum and minimum wages, public sector wage setting, policies to tackle labour market immobility
3.6.1 Government intervention c) Government intervention to promote competition and contestability: d) Government intervention to protect suppliers and employees: restrictions on monopsony power of firms nationalisation
3.6.2 The impact of government intervention a) The impact of government intervention on prices, profit, efficiency, quality and choice b) Limits to government intervention: regulatory capture, asymmetric information
4.1.1 Globalisation a) Characteristics of globalisation b) Factors contributing to globalisation in the last 50 years c) Impacts of globalisation and global companies on individual countries, governments, producers and consumers, workers and the environment 4.1.2 Specialisation and trade a) Absolute and comparative advantage (numerical and diagrammatic) b) Advantages and disadvantages of specialisation and trade in an international context 4.1.3 Pattern of trade a) Factors influencing the pattern of trade between countries and changes in trade flows between countries 4.1.4 Terms of trade a) Calculation of terms of trade, factors influencing a country's terms of trade and the impact of changes in a country's terms of trade 4.1.5 Types of trading blocs 4.1.6 Restrictions on free trade |
How well?What should they be able to know? What should they be able to do? How do they know they have done this well? Students should be able to complete past papers for all Paper 1 (microeconomics) content by the end of Term 3 – This will be assessed through retrieval practice in class and timed exam papers set for home work every week. Students should be able to improve the quality of responses for all type of questions in Paper 1 (including multiple choice questions, extract based questions and 25-mark essay-based questions) |
Where next?
Where do we go from here?
In term 4, there will be two teachers teaching the A2 economics course. Both teachers will focus on completing the macroeconomics content in Term 4, whilst introducing the challenging Paper 3 concepts mid way through the half-term.
Year 13 Term 4
Term 4
What?What are we learning? What’s interleaved? What’s challenging? What are we learning? Throughout Term 3, students would have completed all A2 microeconomics concepts (Paper 1) and started A2 macroeconomics concepts (Paper 2). During Term 4, students will continue to study the content for A2 Macroeconomics under the direction of two teachers. Midway through Term 4, students will start learning exam skills for Paper 3 (which is a synoptic paper consisting of microeconomics and macroeconomics concepts). Students will also sit a Paper 1 and Paper 2 for their Spring 2 PPE’s midway through Term 4. Macroeconomics topics to cover: Teacher 1: Week 1 (Teacher 1): 4.1.7 Balance of Payments and 4.1.8 Exchange rates Week 2 (Teacher 1): 4.1.9 International competitiveness Week 3 (Teacher 1): 4.2.1 Absolute and relative poverty and 4.2.2. Inequality Week 4 and 5: (Teacher 1): Preparation for PPE’s/PPE’s Final week and Easter Holidays (Teacher 1): Teaching for Paper 3 Teacher 2: Week 1 (Teacher 2): 4.3.1 - Measures of development Week 2 (Teacher 2): 4.3.2 - Factors affecting growth and development Week 3 (Teacher 2): 4.3.3. Strategies influencing growth and development Week 4 and 5 (Teacher 2): Preparation for PPE’s/PPE’s Final week: PPE feedback and completing 4.3.3 - Strategies influencing growth and development What’s interleaved? All topics learnt so far in Year 12 and 13 (micro and macro) will be interleaved into lessons through retrieval questions at the set at the start of each lesson. What’s challenging? The synoptic element of paper 3 will prove challenging to students. Students will begin to create chains of reasoning using macro/micro points together, rather than just micro and macro only. |
Why?Why do we need to deliver this (vision statement)? Why now? Students are sitting three papers at the end of Year 13. Students will need to need to consolidate knowledge for macroeconomics (Paper 2) during this half-term. Students will also be introduced to the skills needed to access the Paper 3 paper once the Spring 2 PPE’s have been completed. |
How?How will they achieve this? How will all access this (inclusion for all/ SEND)? Core knowledge: 4.1.7 Balance of Payments 4.1.8 Exchange rates 4.1.9 International competitiveness 4.2.1 Absolute and relative poverty 4.2.2. Inequality 4.3.1 - Measures of development 4.3.2 - Factors affecting growth and development 4.3.3. Strategies influencing growth and development |
How well?What should they be able to know? What should they be able to do? How do they know they have done this well? Students should be able to complete past papers for all Paper 1 (microeconomics) and Paper 2(macroeconomics) by the end of Term 4. This will be assessed through retrieval practice in class and timed exam papers set for homework every week. Students should be able to improve the quality of responses for all type of questions in Paper 1 nd Paper 2 (including multiple choice questions, extract based questions and 25-mark essay-based questions). Students will also be introduced to the skills needed to access Paper 3 (synoptic element of the course) |
Where next?
Where do we go from here?
In term 5, both teachers will focus on completing every single past paper for Paper 1, 2 and 3. All lessons will be focused on retrieval of key knowledge, modelling of exam answers and completion of a question linked to one of the papers.
