Economics

The aim of economics is to provide students with a comprehensive understanding of economic theory and its application in real-world contexts, using past and current economic data and events. Students start the course with an introduction to markets and market failure, which is the study of microeconomics.  This is followed by The UK Economy - performance and policies, macroeconomics, which builds on microeconomic concepts. At the end of year 12 students start to consider a global perspective, which is a continuation of macroeconomics, students learning builds on concepts taught, but in a global context. In year 13 students develop a deeper understanding of market structures, government intervention and policy.

Throughout the course students develop declarative knowledge.  This involves students understanding the fundamental economic concepts, theories, principles and models. It focuses on knowing "what" something is or "what" something means, for example, students recognising a demand curve and knowing the law of demand. As well as understanding concepts, such as inflation or being able to define key terms like fiscal policy. Students develop their knowledge and understanding of economics. 

At the same time procedural knowledge is taught, this involves students understanding how to perform specific tasks. It relates to the practical application of economics. It focuses on knowing "how" to do something or "how" to apply economics in real-world scenarios. For example, students being able to calculate price elasticity of demand. Understanding how to construct diagrams, such as a production possibility frontier. As well as conducting analysis using economic models, extended writing and using data and extracts. Students develop application, analysis and evaluation skills. 

In addition to this conditional knowledge is taught, this involves students understanding when and why certain economic theory should be applied in specific economic circumstances. It involves recognising the conditions under which certain economic theories/policies are relevant, effective and why. For example, understanding the economic conditions under which monetary policy is effective and why. Students develop application, analysis and evaluation skills.