Content

The GCSE Economics course is split into two sections:

How markets work -

Students will look at the nature and purpose of economic activity, the factors of production and the importance of making choices. Students will also look at how resources are allocated using a market mechanism and how prices are determined. This introduces students to concepts such as supply and demand, intermarket relationships and price elasticity. Students investigate the significance of costs, revenue and profit for producers, leading to an understanding of the concepts of production, productivity and economies of scale. Students will then explore the importance of competition in relation to resource allocation, leading to an investigation of market failure. Students are encouraged to explore the moral, ethical and sustainability issues that underpin economic decision-making and economic activity.

How the economy works -

Students are introduced to the wider economy from the perspective of consumers, producers and government. Students explore the significance of interest rates including their impact on saving, borrowing and spending. They will focus on government objectives and their role in managing the economy. Students also examine why countries trade, and the significance of the global economy, including free-trade agreements. Finally, students will explore the role of money and the significance of the financial markets in modern economies. Students are encouraged to explore the moral, ethical and sustainability issues that underpin all aspects of managing an economy.

Assessment, Marking and Feedback 

Economics Marking Policy (GCSE and A level)

Students are required to complete a large number of past examination questions and they are assessed against formal A level marking criteria as appropriate. Students are given full access to the marking criteria so they know how they are to be assessed.  Grades are given in line with examination board grade boundaries. 

The following assessment techniques are used:

Peer and self-assessment

Students are provided with marking criteria and (often) a model answer which they use to assess each other’s or their own work.  Usually, this work would also be assessed by the teacher.  

Teacher assessment

For examination questions the teacher will use the formal exam board marking criteria.  Usually, feedback will include the formal subject assessment form where each student’s work receives a separate assessment for each element of the assessment criteria as well as an overall mark and an explicitly identified area for development that the student should aim to improve in the future.  In addition, students are asked to provide a written response to an area of their answer that requires improvement.  This could include providing accurate definitions, rewriting a paragraph, drawing a diagram, explaining a point more clearly, making a correction or anything else the teacher feels appropriate.  Students should expect the formal assessment of at least one examination style question every three weeks.  Examination style questions could include data response questions, essays, short answer questions and multiple choice questions.  Students will normally be provided with a model answer as part of their feedback.  All formal assessments will be recorded in the teacher’s mark book.  

Work that does not reflect the potential of the student will be re-done either in part or in full.

Assessment will be ongoing throughout all lessons.  In addition to the above, students will be assessed on the quality of their verbal feedback and the written, presentation and group exercises completed during lesson time.  Where possible, students will receive immediate verbal feedback and written work perused and marked in class.

Spelling, punctuation and grammar is normally corrected, especially where there is the incorrect use of technical terms.

Specification

Please click here for the AQA GCSE Economics specification

Content 

The Economics course focuses on recent economic events, current economic issues and problems relating to the UK, but with the increasing globalisation of the world economy, it also deals with how we affect, and are affected by, developments in Europe and the rest of the world.

The AQA specification which, as well as looking at the theoretical aspects of the subject, puts considerable emphasis on how it can be applied to the present day. Some of the many topics covered during the course include supply and demand, the labour market, money and banking, international trade, taxation, government spending, unemployment, inflation and the management of the economy generally.

Assessment, Marking and Feedback 

The exams will measure how students have achieved the following assessment objectives:

AO1 - Demonstrate knowledge of terms/concepts and theories/models to show an understanding of the behaviour of economic agents and how they are affected by and respond to economic issues.

AO2 - Apply knowledge and understanding to various economic contexts to show how economic agents are affected by and respond to economic issues.

AO3 - Analyse issues within economics, showing an understanding of their impact on economic agents.

AO4 - Evaluate economic arguments and use qualitative and quantitative evidence to support informed judgements relating to economic issues.

Economics Marking Policy (GCSE and A Level)

Students are required to complete a large number of past examination questions and they are assessed against formal A Level marking criteria as appropriate. Students are given full access to the marking criteria so they know how they are to be assessed.  Grades are given in line with examination board grade boundaries.

The following assessment techniques are used:

Peer and self-assessment

Students are provided with marking criteria and (often) a model answer which they use to assess each other’s or their own work.  Usually, this work would also be assessed by the teacher. 

Teacher assessment

For examination questions the teacher will use the formal exam board marking criteria.  Usually, feedback will include the formal subject assessment form where each student’s work receives a separate assessment for each element of the assessment criteria as well as an overall mark and an explicitly identified area for development that the student should aim to improve in the future.  In addition, students are asked to provide a written response to an area of their answer that requires improvement.  This could include providing accurate definitions, rewriting a paragraph, drawing a diagram, explaining a point more clearly, making a correction or anything else the teacher feels appropriate.  Students should expect the formal assessment of at least one examination style question every three weeks.  Examination style questions could include data response questions, essays, short answer questions and multiple choice questions.  Students will normally be provided with a model answer as part of their feedback.  All formal assessments will be recorded in the teacher’s markbook. 

Work that does not reflect the potential of the student will be re-done either in part or in full.

Assessment will be ongoing throughout all lessons.  In addition to the above, students will be assessed on the quality of their verbal feedback and the written, presentation and group exercises completed during lesson time.  Where possible, students will receive immediate verbal feedback and written work reviewed and marked in class.

Spelling, punctuation and grammar is normally corrected, especially where there is the incorrect use of technical terms.

Specification

Please click here for the AQA A Level Economics specification

Advice

Please click on the link below in order to access exam advice for GCSE Economics:

https://docs.google.com/document/d/1gj5b5ePh6EopSAliqLO0AM2gC3MPBtWq/edit?usp=sharing&ouid=100241163492824450318&rtpof=true&sd=true

Past papers

GCSE: Specimen and past papers can be found using the following links.

http://www.aqa.org.uk/subjects/economics/gcse/economics-8136/assessment-resources

https://www.aqa.org.uk/subjects/economics/gcse/economics-8136/assessment-resources?num_ranks=10&sort=date

A Level: 

Past papers can be found using the following links.

https://www.aqa.org.uk/subjects/economics/as-and-a-level/economics-7135-7136/assessment-resources?num_ranks=10&sort=date

Useful external links

Ezyeconomics is a superb resource to which the Economics department subscribes. A Level students will be provided with a username and password so they can log in. The site has a wealth of excellent assessment exercises where students get immediate feedback on their performance and how they can improve. In addition, there are lots of videos and specimen examination papers with guidance and model answers.

https://www.ezyeducation.co.uk/ezyeconomicsdetails.html

Tutor2U is a free resource created many years ago by an experienced Economics teacher. It contains a huge quantity of resources that can be used to reinforce and develop subject knowledge and examination technique. Students are provided with a comprehensive list of links to relevant web pages ordered alphabetically by subject.

https://www.tutor2u.net/economics

Econplusdal is a superb YouTube channel that provides a huge range of videos that expertly explains almost all the subject content contained in the AQA A level Economics specification.

https://www.youtube.com/channel/UCQbBh9Jn2IjcSPZOiNKJu0g

The Department makes extensive use of ‘Google Classroom’ where students can access their homework but also links to suggested wider/background reading. Students are given their own usernames and passwords so they can log in.

https://support.google.com/edu/classroom/answer/6072460?co=GENIE.Platform%3DDesktop&hl=en

Other recommended websites include:

http://www.s-cool.co.uk/forums/a-levels/economics

Potential Careers

Economics is highly regarded by employers and universities. You may choose to pursue a career in a directly related field such as banking or finance. Economics will stand you in good stead by giving you an insight and understanding of the economic forces that impact your day to day activities.  Alternatively, you may decide to follow a career path which isn’t directly related to your course of study. The analytical and evaluation skills that you will have developed will be useful whatever path you choose in the future.

What subjects does Economics go with? In recent years, Economics has been studied in combination with almost every subject on offer. Many students take it with Mathematics, Geography, History, English, Sociology or Psychology but it is also a useful addition to someone concentrating on sciences or languages.

What skills will I learn? Economics will help you develop a range of skills that will benefit you whether you decide to go on to further study or the world of work:

• analytical thinking
• manipulating and interpreting different types of information
• communicating effectively
• using qualitative and quantitative data effectively.

Useful links for those thinking of applying for an Economics degree

https://www.thecompleteuniversityguide.co.uk/subject-guide/economics

https://www.ucas.com/explore/subjects/economics

https://www.thecompleteuniversityguide.co.uk/league-tables/rankings/economics

Alumni Careers: Samira Aminzare

"Hi, I'm Samira. I finished my A levels at Highworth in Summer 2016 and knew right away that I wanted to be in the world of finance as soon as possible. Even though I applied to University for courses such as Accounting and Finance, I found myself applying last minute to three of the Big 4 Accountancy firms (Deloitte, PWC and EY) for a chance to be an apprentice there. I knew that it would be the most challenging route, as I would have to work full-time whilst also studying, but the pay-off was worth it, as University debt is growing every year.

I was successful in my application to Deloitte for their 4 year Apprenticeship Programme and I started my journey with them in September 2016 as an Assistant Associate in their Transaction Services team. I found myself in the City of London at 18 working on some of the most interesting mergers and acquisition deals in Europe, beside other professionals and Partners at the firm. I was learning so much in such short space of time that I soon realised that apprenticeships aren't at all as they have been advertised. I would find myself working hard Monday to Friday at the office, whilst also studying in the evenings and weekends to pass my exams to become ACA qualified (Associate Chartered Accountant). Although sometimes I did wish I had gone to University, like all of my friends, I knew that my struggle now would pay off immensely once I have qualified - and I was right.

Fast forward 4 years, I am now an Assistant Manager at Deloitte, completed all 15 exams and qualified as a chartered accountant at the age of 22. Not only that, but I have 4 years of first-hand experience of working on some of the largest European transactions across companies such as Unilever, Diageo and Coca-Cola.

If I can give one piece of advice to anyone who wants to have a career in finance/business, it is that apprenticeships will give you the most credible qualifications in addition to work experience from day 1, which is critical in the job market today - so why waste any time (and lots of money) studying the theories when you can be applying them day to day and get paid?" 

26.10.20

Clubs

Drop in sessions are available every Week A Wednesday for A level students and Week A Thursday for GCSE students. These sessions will be held in C111.

Trips and visits

In the past, A Level students have the opportunity to visit the Bank of England and Lloyds of London.