Economics: Key Stage 5

Economics is all about asking questions about the real world to determine how people, firms and organisations behave when resources (money, time, people, or raw materials) are scarce. The questions asked allows economists to develop theoretical models to explain the actions taken by individual consumers, chief executives of firms or the government. These models are used in strategic decision making both at the micro level, individual consumers, and firms, and at the micro level, managing the UK economy.  

Examples of questions asked by economists include:  

• Why do footballers get paid more in a week than a nurse earns in a year?  

• What causes prices to rise?  

• Where do my taxes go?  

• How can you change the behaviour of consumers to benefit society?  

• Why are some firms more profitable than others?  

• Why are interest rates used to reduce inflation?  

• Why is the pound getting stronger against the US dollar?  

• Why do certain economies grow faster than others?  

Economics begins by looking at the Micro side which includes the basic economic problem and the laws of demand and supply, market failure. The course then moves on to the macro side of economics, this looks at economic growth and aggregate demand and supply. Regardless of whether you plan to go on and study at university or to enter the world of work, economics is one of the most respected A levels. Through economics you will develop the important skills of analysing and evaluating.   There are many enrichment opportunities in the department, students in Year 12 can enter the LSE essay competition.  Guest speakers from the Bank of England and other business operations are invited to talk to the students. Within the teaching of economics, support and scaffolding is there for students who need it. Retrieval exercises are brought into lessons to secure and revisit prior learning. Careers advice and opportunities in the world of work are also embedded into the curriculum.