Economics deals with our universal problem of unlimited wants and needs but only limited resources. As an individual or a household we have to work within our budget The word Economics comes from the Greek work for “Household management”. Businesses try to make the best use of our scarce resources to achieve their objectives, whatever they might be.  Often these might be to do with looking after the environment as well as trying to make a profit.

Course and assessment

The Government also tries to make decisions for the country to help us to have better lives whilst knowing that there are not enough revenues from taxes to pay for all the things people would want the money to be spent on.

These issues are developed in terms of the ways markets work, how prices are determined, right through to the impact of globalisation. Learning about economics can help you to understand how the world really works and what forces are at work in almost everything that happens.

Economics is an interesting and exciting subject

During your studies you will be encouraged to learn in a variety of active ways. There are also opportunities for you to visit real businesses, including a residential to Cornwall.

Economics is designed to be engaging and relevant for today’s students; you will be provided with a comprehensive introduction to Economics drawing on local, national and global contexts. You will be introduced to basic economic concepts which will help you develop the appropriate range of analytical, critical and reasoning skills to enable them you think like economists. This will provide you with an excellent foundation for advanced study in Economics.

Year 10 GCSE Expertise

You will also learn about some key economic fundamentals:

Microeconomics is the area of economics concerned with individuals, organisations and markets.  You will be introduced to key concepts such as supply and demand and competition

Macroeconomics is the study of the economy as a whole.  You will be introduced to the key economic objectives such as: high but sustainable economic growth, low unemployment, low inflation and a favourable balance of payments.

Component 1 – An Introduction to Economics

This component introduces you to the fundamental economic terms and concepts. You will apply these to investigate and explain how markets work in different contexts. You will study the different roles and perspectives of the main economic agents (consumers, producers and the government) and how they interact in the economy. You will develop the ability to use and interpret quantitative data to justify economic decisions. You will learn to appreciate that all economic choices have costs and benefits. This will encourage you to consider moral, ethical and sustainability issues that arise as a result of the impact of economic activity

There are two topics:

• Introduction to economics
• The role of markets and money

Year 11 GCSE Expertise

Component 2 – National and International Economics

This component provides you with an understanding of the main economic objectives and role of the government in achieving them. You will investigate the effects of economic policies on markets. You will use and interpret quantitative evidence, such as unemployment figures.   You will learn to appreciate the importance and impact of international trade by analysing data such as quantitative information on exports and imports. You will be encouraged to consider moral, ethical and sustainability issues that arise as a result of the impact of economic activity in a range of national and global contexts.

There are two topics:

• Economic objectives and the role of government
• International trade and the global economy

GCSE Assessment (Years 10 and 11)

This is an externally assessed qualification, with two exams of 90 minutes each at the end of the course. Both question papers have a section with multiple choice questions and other sections requiring written responses.