Most teenagers find that they want to lead an active and exciting life, but where does the money come from and how do we decide what to spend it on? Economics seeks to find a solution to the problem that the World’s resources are scarce yet humans have unlimited and continuously expanding desires.

Aims and Learning Outcomes
A course encourages students to:

• Actively engage in the study of economics to develop as effective and independent learners and as critical and reflective thinkers with enquiring minds.
• Use an enquiring, critical approach to distinguish between fact and opinion, build arguments and make informed judgements.
• Develop and apply their knowledge, understanding and skills to contemporary issues in a range of local, national and global contexts.
• Understand the perspectives of a range of different stakeholders in relation to economic activity.
• Consider the moral issues that arise as a result of the impact of economic activity on the environment and economic development.
• Recognise that their economic knowledge, understanding and skills help them to understand current events and provides a basis for their role as citizens, and for the possible further study of economics.

Assessment Objectives
This Economics specification requires candidates to:

• Demonstrate knowledge and understanding of the specified subject
• Apply knowledge and understanding using appropriate terms, concepts, theories and methods effectively to address problems and issues
• Select, organize, interpret and use information from various sources to analyse problems and issues
• Evaluate evidence; make reasoned judgements and present conclusions accurately and appropriately.

Summary of Subject Content
The course consists of 2 units which are taught during the 2 year course, each unit is split into a number of sub-units.

Unit 1: Personal Economics

• Money: In this section students will consider the changes that occur during the various stages of their personal life cycle. They will distinguish between needs and wants, consider how these change over time and analyse the impact of their decision making as needs and wants change.
• Work: In this section students consider the world of work. This will include what individuals consider when making the decision whether or not to supply their labour. Students will consider the rewards an individual can receive both in monetary terms. Students will also be introduced to the demand for labour and what happens when this differs from supply.
• The National and Global Economy: In this section students will consider their role as consumers and / or workers in the national and global economy.

Unit 2: National and Global Economics

• Managing the Economy: In this section students will consider targets and policies the government may use to achieve its objectives. Students will consider fiscal, monetary and supply side policies within the context of the trade cycle. Students will consider the European Union and its effect on the UK Economy.
• Current Economic Issues: Students will be asked to research a number of today’s economic problems. Areas such as the ENVIRONMENT, GLOBAL WARMING, DEVELOPING ECONOMIES, UNDER-DEVELOPMENT, COMPETITION AND POVERTY will be covered and students will be required to apply the theoretical concepts they have studied to the real world.

Scheme of Assessment
Students will complete two written exams at the end of the 2nd year of study which are based on the 2 units studied during the course.

• Paper 1: Personal Economics 1 ¼ hours / 70 marks
• Paper 2: National and Global Economics 1 ¼ hours / 70 marks