Overview:

Students in Year 9 have 3 Economics lessons each week.

Students will receive one piece of Economics each week which should last up to an hour.

Curriculum:

In Autumn we study:
Economic Activity
The Factors of Production
Making Choices
Markets and Allocation of Resources
Economic Sectors
Specialisation, Division of Labour, and Exchange
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
  • The difference between a need and a want, and how these can change over time
  • 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
  • Consumers, producers and government are the main economic group
  • The interactions between the main economic groups
  • Understand the nature of an economic resource
  • Identify and understand examples of the four factors of production (land, labour, capital and enterprise) and the reward accrued to each
  • How and why choices are made, and how costs and benefits can be weighed up to make a choice
  • The concept of opportunity cost in the context of economic activity
  • Recycle Language in a Different Context
  • A market is an opportunity for buyers and sellers to interact in order to establish price
  • The role of markets in allocating scarce resources
  • The difference between factor and product markets
  • The meaning of primary, secondary and tertiary sectors and their relative sizes in the UK
  • The difference between a good and a service
  • The meaning of specialisation and the division of labour
  • How and why individuals and producers specialise
  • The costs and benefits associated with the division of labour, both to the worker and the firm
In Spring we study:
Demand for Goods and Services
Supply for Goods and Services
Equilibrium Price
Intermarket Relationships
Price Elasticity of Demand
Price Elasticity of Supply
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
  • What is meant by the demand for a good or service
  • The factors which influence demand
  • How to construct an individual demand curve from consumer data
  • The difference between shifts of, and movements along, the demand curve
  • What is meant by the supply of a good or service
  • The factors which influence supply
  • How to construct an individual firm's supply curve from production data
  • The difference between shifts of, and movements along, the supply curve
  • How the interaction between supply and demand determines equilibrium price using a supply and demand diagram
  • Why excess demand and excess supply can lead to changes in price
  • How to use supply and demand diagrams to understand the impact of changes in equilibrium market prices
  • How demand and supply curves can be applied to a variety of real-world markets
  • How to demonstrate revenue on a demand and supply diagram
  • The meaning of complementary and substitute goods
  • The impact of changes in demand, supply and price in one market on other related markets
  • That changes in price don't always cause equivalent changes in demand
  • The factors that affect price elasticity of demand
  • The difference between price elastic demand and price inelastic demand
  • That price elasticity of demand is measured as the percentage change in quantity demanded, divided by the percentage change in price and be able to perform calculations from given data
  • The implications of price elasticity of demand for producers and consumers
  • That changes in price don’t always cause equivalent changes in supply
  • The factors that affect price elasticity of supply
  • The difference between price elastic supply and price inelastic supply
  • That price elasticity of supply is measured as the percentage change in quantity supplied, divided by the percentage change in price and be able to perform calculations from given data
  • The implications of price elasticity of supply for producers and consumers
In Summer we study:
The Importance of Cost, Revenue and Profit for Producers
Production and Productivity
Economies of Scale
The Importance of Market Structures on Producers and Consumers
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
  • Business objectives, including profit, sales growth and increasing market share
  • How to identify and calculate total and average, fixed and variable costs
  • How to identify and calculate total and average revenues
  • That total revenue – total costs = profit, and that a firm may aim to increase its profits by reducing average costs and/or increasing revenues
  • That higher prices imply higher profits and that this will provide the incentive for producers to expand production
  • That the motivations of producers may conflict with ethical and moral interests
  • The difference between production and productivity
  • The benefits of increased productivity
  • Economies of scale as the effect on average costs of a rise in production
  • The implications and effects of economies of scale on business behaviour
  • The costs and benefits of growth for a business
  • The different types of economy of scale, including managerial, purchasing, financial, technical and risk-bearing
  • What is meant by diseconomies of scale
  • That there is a range of market structures
  • Factors such as the number of producers, the degree of product differentiation and ease of entry as being used to distinguish between different market structures

Assessments:

Students are assessed at the end of each topic and at the end of each unit.
There assessments typically take place every half term.

Resources:

eRevision: Link