Students are taught Theme 1 and Theme 2 simultaneously. Theme 1: Markets, Consumers, and Firms introduces students to the basic economic problem and how economic agents (Individuals, Firms, and the Government) are impacted by this. Theme 2: The Wider Economic Environment looks at Individuals, Firms and the government through a wider lens. Investigating globalization, exchange rates, and the economic cycle.
Units covered are:
1.1.1 – The economic problem,1.2.3 - Factors of production,1.1.2 - Business objectives,1.2.1 – Entrepreneur in the economy,1.2.2 – Entrepreneurial motives ,1.1.3 – Stakeholders (economic agents) and their objectives,1.2.4 – Specialisation
2.1.1 – Growth,2.1.2 – Methods of growth,2.1.5 – How small firms compete,2.1.3 – Research and development (R&D) and innovation,2.1.4 – How the digital economy affect,2.2.1 – Price elasticity of demand (PED),2.2.2 – Competing on price
At the end of term 1 we have a topic test based on units covered. the assessment will consist of AS level questions and will initially look to reinforce the development of chains of logic and the use of application and evaluation skills.
Develop the individual:
Create a supportive community:
Students are taught Theme 1 and Theme 2 simultaneously. Theme 1: Markets, Consumers, and Firms introduces students to the basic economic problem and how economic agents (Individuals, Firms, and the Government) are impacted by this. Theme 2: The Wider Economic Environment looks at Individuals, Firms and the government through a wider lens. Investigating globalization, exchange rates, and the economic cycle.
Units covered are:
Theme 1 - 1.3.1 – Demand, 1.3.2 - Supply, 1.3.3 – Price determination, 1.3.4 – Price mechanism, 1.3.5 - Understanding the customer, 1.3.6 – The competition
Theme 2 - 2.2.3 – Types of non-price competition, 2.3.1 – Productivity, 2.3.2 – Capacity utilisation, 2.2.4 – Income elasticity of demand (YED), 2.3.3 – Efficiency and competitiveness using lean production, 2.3.4 – Impact on costs and sales revenue, 2.4.1 – Globalisation, 2.4.2 – Developed, emerging and developing economies
At the end of term 2 we have a topic test based on units covered. the assessment will consist of AS level questions and will initially look to reinforce the development of chains of logic and the use of application and evaluation skills.
Develop the individual:
Create a supportive community:
1.5 Market failure and government intervention Some markets work better than others and governments may try to make markets work more efficiently for the benefit of society. Topics Covered: - Market failure and Externalities Government Intervention and failure 1.6 Revenue, costs, profits and cash An efficient allocation of resources requires a way of measuring the costs of using those resources and the revenues generated by their use. Topics Covered: -Revenue and costs -The relationship between revenue and costs. - Profit and Loss - Business survival and cash flow
End of unit assessments based on Topic 1.5 and 1.6, these assessments are completed in timed conditions and are based on A-level exam questions, which helps prepare students for their A-Level examinations
Develop the individual:
Create a supportive community:
2.1 Business growth and competitive advantage Success in business requires dynamism and flexibility which must include technical excellence, sensitivity to market trends and imaginative thinking. Topics Covered: - Growth - Methods of growth - Research and Development - How the digital economy affects markets and firms - How small firms compete 2.2 Firms, consumers and elasticities of demand Measuring consumer response to changes in prices and incomes helps firms make price, product and output decisions. Topics Covered: - Price Elasticity of Demand - Competing on Price - Types of non-price competition - Income Elasticity of Demand
End of unit assessments based on Topic 2.1 and 2.2, these assessments are completed in timed conditions and are based on A-level exam questions, which helps prepare students for their A-Level examinations
Develop the individual:
Create a supportive community:
2.3 Productive efficiency Firms’ success and living standards in the economy depend on increasing productive efficiency. Topics Covered: -Productivity - Capacity Utilisation - Efficiency and competitiveness using lean production - Impact on costs and sales revenue 2.4 Life in a global economy Globalisation has given firms many new opportunities to trade and to contribute to economic development. Topics Covered -Globalisation -Developed, emerging and developing economies -International trade -Exchange Rates
End of unit assessments based on Topic 2.3 and 2.4, these assessments are completed in timed conditions and are based on A-level exam questions, which helps prepare students for their A-Level examinations
Develop the individual:
Create a supportive community:
2.5 The economic cycle Economic growth rates are constantly changing, creating instability and uncertainty for firms and economic agents. Topics Covered: -The economic cycle -Circular flow of income, expenditure and output -Inflation -Employment and unemployment 2.6 Introduction to macroeconomic policy Economic policies focus on stabilisation and standards of living but controversy and debate may influence the outcome. Topics Covered: -Possible macroeconomic objectives -Policy Instruments -Potential policy conflicts and trade-offs
End of unit assessments based on Topic 2.5 and 2.6, these assessments are completed in timed conditions and are based on A-level exam questions, which helps prepare students for their A-Level examinations
Develop the individual:
Create a supportive community: