Overview:

Students in Year 10 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:
Competitive Markets
Non-Competitive Markets
The Labour Market
Misallocation of Resources
Externalities
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
  • What is meant by a competitive market
  • How producers operate in a competitive market
  • The economic impact of competition on consumers, producers and workers
  • Why profits are likely to be lower in a competitive market than one that is dominated by a small number of producers
  • What is meant by a non-competitive market
  • How producers operate in a non-competitive market
  • The meaning of monopoly
  • The meaning of oligopoly
  • The causes and consequences of monopolistic and oligopolistic power
  • Wage determination using simple demand and supply analysis
  • Wage differentials within and between occupations
  • The difference between gross and net pay
  • How to calculate income including gross and net pay
  • Market failure as the inability of the market system to allocate resources efficiently
  • The costs associated with misallocation of resources
  • Methods of government intervention to counter misallocation of resources
  • Externalities as the difference between social costs/benefits and private costs/benefits
  • The difference between positive and negative externalities and identify them
  • That production and consumption can lead to negative externalities
In Spring we study:
Interest Rates, Saving, Borrowing, Spending and Investment
Government Income and Expenditure
Economic Objectives of the Government
Economic Growth
Employment and Unemployment
Inflation and Price Stability
Balance of Payments
Distribution of Income
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
  • What is meant by an interest rate
  • The factors that influence the different rates of interest
  • How changes in interest rates affect consumers' decisions to save, borrow or spend
  • How changes in interest rates affect producers' decisions to save, borrow or invest
  • How to calculate interest on savings
  • The main sources of UK government revenue
  • The main areas of UK government spending
  • The difference between direct and indirect taxation
  • That some taxes can be progressive and others regressive
  • The principal objectives of government policies (maintaining full employment, ensuring price stability, achieving economic growth and having a balance of payments)
  • That policies used to achieve one objective can have a negative impact on achieving other objectives
  • That there are other government objectives such as reducing inequality and managing environmental change
  • How the pursuit of a government objective can negatively affect groups of people and conflict with other objectives
  • What is meant by economic growth and its significance to economies
  • The difference between GDP and real GDP and GDP per capita and be able to perform simple calculations involving these measurements
  • The main types of unemployment, such as structural, seasonal, frictional and cyclical, and be able to explain the factors that cause these
  • The consequences of unemployment for different groups within the economy
  • What is meant by inflation and the rate of inflation
  • How the rate of inflation can be measured using the consumer price index (cpi)
  • How to perform simple calculations using cpi figures
  • The causes of inflation, including cost-push and demand-pull inflation
  • The consequences of inflation to different groups within the economy
  • How to perform simple calculations using current account balance of payments figures
  • The meaning and significance of a balance of payments deficit and surplus on the current account
  • The reasons for a balance of payments deficit or surplus on the current account
  • The distribution of income in the UK
  • How inequality in the distribution of income can occur
  • How redistribution of income and wealth can be achieved through taxation and government spending
In Summer we study:
Fiscal Policy
Monetary Policy
Supply-Side Policies
Policies to Correct Positive and Negative Externalities
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
  • How fiscal policy can affect levels of income and expenditure within the economy
  • How fiscal policy can be used to achieve government objectives
  • The meaning of a balanced budget and explain the consequences of operating a budget surplus and deficit
  • What is meant by monetary policy
  • How monetary policies can be used to achieve the government objective of controlling inflation
  • How monetary policies can be used to achieve other government economic objectives
  • The advantages and disadvantages of supply-side policies
  • Supply-side policies such as: investment in education and training, lower direct taxes, lower taxes on business profits, trade union reform and privatisation/deregulation
  • How supply-side policies can be used to help achieve government objectives
  • How Fiscal, Monetary and Supply-side policies can be combined to correct externalities
  • The advantage of using multiple policies to target externalities
  • The disadvantages of using multiple policies to correct externalities

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