Year 11 — Economics

Term 1 : Unit 2: How the economy works - Introduction to the national economy

Students explore how government spending and taxation can influence the level of economic activity. Interest rates will be introduced briefly in order to illustrate the effect on saving, borrowing and spending.

Topics: Interest rates, saving, borrowing, spending and investment, government income and expenditure

Exam-style questions and EOU assessment to check knowledge and understanding.

  • Spiritual
  • Moral
  • Social
  • Cultural

Develop the individual:

Students explore the meaning of market failure and gain an understanding that the market mechanism does not always allocate resources efficiently. Students will explore the costs associated with misallocation of resources, and how government intervention can counter this.

Create a supportive community:

Students' own social development is widened through individual, paired and group work where students discuss economic concepts, where they must analyse and evaluate economic concepts based on real life case studies and scenarios.

Term 2: Unit 2: How the economy works - Government objectives

Students study the principal economic objectives of stable prices, economic growth, full employment and the Balance of Payments. For each of the government objectives, students look at how they are measured, the factors that cause them and their implications, both positive and negative, for an economy. Students will learn that policies designed to achieve one of the objectives can often impact positively or negatively on achieving the other objectives.

Topics: Economic objectives of the government, economic growth, employment and unemployment, inflation and price stability, balance of payments, distribution of income,

Exam-style questions and preparation for mock exams .

  • Spiritual
  • Moral
  • Social
  • Cultural

Develop the individual:

Students explore the meaning of market failure and gain an understanding that the market mechanism does not always allocate resources efficiently. Students will explore the costs associated with misallocation of resources, and how government intervention can counter this.

Create a supportive community:

Students' own social development is widened through individual, paired and group work where students discuss economic concepts, where they must analyse and evaluate economic concepts based on real life case studies and scenarios.

Term 3: Unit 2: How the economy works - How the government manages the economy

Students examine the tools available to the government to manage the economy. Government economic policies will be looked at, with a focus on monetary, fiscal and supply-side policies. Each policy will be examined in turn to show how they can be used to influence economic performance.

Government policies to affect the distribution of income and the correction of negative externalities are also addressed.

Topics: Fiscal policy, monetary policy, supply-side policies, policies to correct positive and negative externalities

Exam-style questions and EOU online assessment to check knowledge, understanding and progress.

  • Spiritual
  • Moral
  • Social
  • Cultural

Develop the individual:

Students explore the meaning of market failure and gain an understanding that the market mechanism does not always allocate resources efficiently. Students will explore the costs associated with misallocation of resources, and how government intervention can counter this.

Create a supportive community:

Students' own social development is widened through individual, paired and group work where students discuss economic concepts, where they must analyse and evaluate economic concepts based on real life case studies and scenarios.

Term 4: Unit 2: How the economy works - International trade and the global economy

Students look at why countries trade and the importance of international trade to the UK. The measurement of UK trade through the balance of trade is examined, as are the causes of current account surpluses and deficits within the overall balance of payments. Students consider how exchange rates are determined as well as the impact that changes in exchange rates have on producers and consumers. Students also explore the advantages of free-trade agreements, their impact and the significance of the European Union. The benefits and drawbacks of globalisation will be looked at, including the moral and ethical aspects associated with the increase in global trade and the role of the multinational corporations.

Topics: Why countries trade and the importance of international trade to the UK, exchange rates, free-trade agreements including the European union, globalisation: benefirs and drawbacks

Exam-style questions and EOU online assessment to check knowledge and understanding, mock exams.

  • Spiritual
  • Moral
  • Social
  • Cultural

Develop the individual:

Students explore the meaning of market failure and gain an understanding that the market mechanism does not always allocate resources efficiently. Students will explore the costs associated with misallocation of resources, and how government intervention can counter this.

Create a supportive community:

Students' own social development is widened through individual, paired and group work where students discuss economic concepts, where they must analyse and evaluate economic concepts based on real life case studies and scenarios.

Term 5: Unit 2: How the economy works - The role of money and financial markets

Students look at the role of money, its functions and the role and importance of the financial markets. The importance to consumers, producers and government with respect to saving, borrowing and spending will be examined.

Topics The role of money, the role and importance of the financial sector for the economy

EOU assessments, preparation for final exams

  • Spiritual
  • Moral
  • Social
  • Cultural

Develop the individual:

Students explore the meaning of market failure and gain an understanding that the market mechanism does not always allocate resources efficiently. Students will explore the costs associated with misallocation of resources, and how government intervention can counter this.

Create a supportive community:

Students' own social development is widened through individual, paired and group work where students discuss economic concepts, where they must analyse and evaluate economic concepts based on real life case studies and scenarios.