Economics

Course summary

In the first year of the course pupils are introduced to economics through building knowledge of core microeconomic, macroeconomic and business concepts, and applying that knowledge to business contexts and evidence relating to the macroeconomic environment. The second year of study builds upon the first two themes explored and provides a wider breadth and depth of knowledge and understanding with applications of the more complex concepts and models. Theme 1 – Markets, consumers and firms In this theme, pupils explore the way in which consumers make choices and entrepreneurs create desirable products. Content from Theme 1 will be assessed in Paper 1. Theme 2 – The wider economic environment This theme helps pupils to explore how firms can become more competitive. It introduces them to the wider international and economic environment in which firms operate. Content from Theme 2 will be assessed in Paper 2. Theme 3 – The global economy This theme builds on the content of Theme 2: The wider economic environment and continues its focus on the international economic environment. Pupils will need to build upon the knowledge, skills and understanding developed from Theme 2. Content from Theme 3 will be assessed in Paper 2. Theme 4 – Making markets work This theme starts by considering degrees of competition within markets and then encourages pupils to apply their understanding to how governments may improve the functioning of markets and the economy. Content from Theme 4 will be assessed in Paper 1.