Overview:

Sixth Form students have 5 Economics lessons each week.

Students receive homework every lesson, however all students in Sixth Form are expected to allocate time outside of lessons for further study.

Curriculum:

Year 12 Autumn Content:
Economic Methodology and the Economic Problem
Price Determination in a Competitive Market
Production, Costs and Revenue
Competitive and Concentrated Markets
The Market Mechanism, Market Failure and Government Intervention in Markets
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
  • The difference between positive and normative statements
  • The central purpose of economic activity is the production of goods and services to satisfy needs and wants
  • The key economic decisions are: what to produce, how to produce, and who is to benefit from the goods and services produced
  • The economists’ classification of economic resources into land, labour, capital and enterprise, which are the factors of production
  • The idea of scarcity and Opportunity Cost
  • Production Possibility diagrams
  • Allocative and productive efficiency
  • The factors which determine the demand for a good or service
  • A demand curve shows the relationship between price and quantity demanded
  • The causes of shifts in the demand curve
  • Calculating and Interpreting PED, YED and XED
  • Factors that influence elasticity
  • The factors which determine the supply of a good or service
  • A supply curve shows the relationship between price and quantity supplied
  • The causes of shifts in the supply curve
  • Calculating and Interpreting PES
  • Determining equilibrium points
  • How and why some markets impact on other markets
  • The meaning of production and productivity
  • The benefits and drawbacks of specialisation
  • Calculating Total, Fixed and Variable costs
  • Determining Short-run and Long-run costs
  • Types of Economy and Diseconomy of scale
  • Calculating Profit and Revenue
  • The concept of ‘Marginal’ costs, revenue and profit
  • The range of market structures
  • How to identify market structures
  • Objectives of firms depending on market structure type
  • How price is determined in competitive markets
  • The difference between a monopoly and monopoly power
  • Calculating concentration ratios
  • Benefits and drawbacks of the existence of monopolies
  • Non-price competition
  • The functions of price
  • What is market failure and how does it occur
  • Types of market failure
  • Types of goods (public, private, merit and demerit)
  • Positive and Negative Externalities
  • Distribution of income and wealth
  • Government policies to correct market failure
  • Government failure
Year 12 Spring Content:
The Measurement of Macroeconomic Performance
How the Macroeconomy Works
Economic Performance
Key Concepts:
Key Concepts:
Key Concepts:
  • The main objectives of the government
  • Possible conflicts between objectives
  • Economic indicators e.g. GDP
  • Calculating index numbers
  • The circular flow of income
  • Injections and withdrawals to national income
  • Determinants of aggregate demand and aggregate supply
  • How to use aggregate demand and aggregate supply to show economic growth
  • The multiplier effect
  • The difference between short run and long run growth
  • Positive and Negative output gaps
  • Real vs Trend growth
  • How unemployment is measured
  • Types of unemployment
  • Consequences of unemployment
  • What is inflation/deflation/disinflation/stagflation
  • Types of inflation/deflation
  • How trade impacts the UK
  • Conflicts between objectives
Year 12 Summer Content:
Macroeconomic Policy
Economic Methodology and the Economic Problem
Individual Economic Decision Making
Key Concepts:
Key Concepts:
Key Concepts:
  • What is monetary policy
  • The role of the Bank of England in the economy
  • How interest rates are set
  • The impact of monetary policy on the economy
  • What is fiscal policy
  • The role of the government in the economy
  • Different types of tax
  • How and why the government spend money
  • Policies to increase aggregate supply
  • A recap of all Year 12 content (see Autumn Term topic web)
  • How decisions are made
  • The theory of utility and the margin
  • The impact of imperfect information
  • The emergence of behavioural economics
  • Behavioural economic policy
Year 13 Autumn Content:
Price Determination in a Competitive Market
Production, Costs and Revenue
Perfect Competition, Imperfectly Competitive Markets and Monopoly
The Labour Market
The Distribution of Income and Wealth: Poverty and Inequality
The Market Mechanism, Market Failure and Government Intervention in Markets
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
  • A recap of Year 12 content (see Year 12 Autumn Content)
  • A recap of Year 12 content (see Year 12 Autumn Content)
  • The law of diminishing returns
  • Returns to scale
  • Marginal and Average revenue curves
  • The relationship between marginal and average revenue
  • Supernormal profit
  • The impact of technology of costs and production
  • The profit maximising point
  • Divorce of ownership and satisficing
  • Diagram analysis of all market structures
  • Behaviour of firms
  • Collusive oligopolies
  • The kinked demand curves
  • The interdependence of firms in an oligopolistic market
  • Advantages and disadvantages of oligopolistic markets
  • Types of price discrimination
  • Producer and consumer surplus
  • Advantages and disadvantages of price discrimination
  • Contestable vs non-contestable markets
  • Types of efficiency
  • The demand and supply for labour
  • Marginal productivity/revenue
  • Determinants of labour demand and supply
  • The substitution effect
  • Non-monetary considerations
  • How to determine a wage rate
  • The role of trade unions and the government
  • The national minimum/living wage
  • Discrimination in the labour market
  • The Lorenz curve and Gini Coefficient
  • Costs and benefits of inequality
  • Types of poverty
  • Causes and effects of poverty
  • Government policies to solve inequality
  • A recap of Year 12 content (see Year 12 Autumn Content)
  • Competition policy
  • Public vs private ownership
  • Privatisation, nationalisation and re-nationalisation
  • Regulatory capture
Year 13 Spring Content:
The Measurement of Macroeconomic Performance
How the Macroeconomy Works
Economic Performance
Financial Markets and Monetary Policy
Fiscal Policy and Supply-side Policies
The International Economy
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
  • A recap of Year 12 content (see Year 12 Autumn Content)
  • The use and limitations of using data to assess living standards
  • The use of Purchasing Power Parity (PPP)
  • A recap of Year 12 content (see Year 12 Autumn Content)
  • A recap of Year 12 content (see Year 12 Autumn Content)
  • The functions of money
  • The difference between narrow money and broad money
  • The role of financial markets in the economy
  • The difference between debt and equity
  • Calculating bond yields
  • The difference between commercial and investment banks
  • How banks create credit
  • Regulation of the financial system
  • Calculating and analysing ratios
  • A recap of Year 12 content (see Year 12 Autumn Content)
  • Causes of globalisation
  • Consequences of globalisation for developed and developing economies
  • The model of comparative and competitive advantage
  • Benefits and drawbacks to trade
  • Protectionism and its consequences
  • Custom and currency unions
  • Types of exchange rate systems (advantages and disadvantages)
  • The difference between economic growth and economic development
  • Barriers to growth and development
  • Policies to help promote both growth and development
Year 13 Summer Content:

By this point in the academic year, we have completed the course content and we are focusing on revision, exam technique and pace.

Assessments:

Sixth Form students are assessed through weekly essay questions.

Resources:

eRevision: Link

tutor2u: Link

EconPlusDal: Link

Physics and Maths Tutor: Link