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Autumn Term
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1.1 – Nature of economics
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- Economics as a social science
- Positive and normative statements
- The economic problem
- Production possibility frontiers
- Specialisation and the division of labour
- Free market economies, mixed economies and command economies
- Rational decision making
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- Diagnostic multiple choice quizzes to test knowledge
- In-class assessment (verbal and written questions)
- Homework (timed exam questions)
Written assessments (multiple choice questions, short answer questions, diagram manipulation and calculations)
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1.2 – How markets work
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- Demand and supply
- Price, income and cross elasticities of demand
- Price elasticity of supply
- Price determination and the price mechanism
- Consumer and producer surplus
- Indirect taxes and subsidies
- Alternative views of consumer behaviour
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1.3 – Market failure
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- Types of market failure
- Externalities
- Public goods
- Information gaps
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| 1.4 - Government intervention |
- Government intervention in markets and government failure
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Spring Term
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2.1 – Measures of economic performance
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- Economic growth
- Inflation
- Employment and unemployment
- Balance of payments
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- Diagnostic multiple choice quizzes to test knowledge
- In-class assessment (verbal and written questions)
- Homework (timed exam questions)
Written assessment (multiple choice questions, short answer questions, diagram manipulation and calculations)
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| 2.2 - Aggregate demand |
- The characteristics of aggregate demand
- Consumption
- Investment
- Government expenditure/spending
- Net trade/net exports
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2.3 - Aggregate supply
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- Short-run and long-run aggregate supply
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| 2.4 - National income |
- National income
- Injections and withdrawals from the circular flow of income
- Equilibrium levels of real national output
- The multiplier
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2.5 - Economic growth |
- Output gaps
- Trade/economic cycle
- The causes and impacts of economic growth
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Summer Term
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2.6 –Macroeconomic objectives and policies
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- Possible macroeconomic objectives
- Demand-side policies
- Supply-side policies
- Conflicts and trade-offs between objectives and policies
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- Diagnostic multiple choice quizzes to test knowledge
- In-class assessment (verbal and written questions)
- Homework (timed exam questions)
Progress exams (papers 1 and 2)
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4.1.7 – Balance of payments
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4.1.8 – Exchange rates
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4.1.9 – International competitiveness
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- International competitiveness
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4.4 – The financial sector
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- Role of financial markets
- Market failure in the financial sector
- Role of central banks
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