Telephone: 020 3195 5444

KS4 Curriculum Guide - Year 10 Economics
Competitive marketsTerm 5   
Students will be able to understand: • that there is a range of market structures • factors such as the number of producers, the degree of product differentiation and ease of entry as being used to distinguish between different market structures. • what is meant by a competitive market • how producers operate in a competitive market • the economic impact of competition on consumers, producers and workers • why profits are likely to be lower in a competitive market than one that is dominated by a small number of producers. Non-competitive markets The labour market
Assessment: Past questions and mock examinationKey Words and Terms
 
Economic foundationsTerm 1   
Students will be able to understand: • the difference between a need and a want, and how these can change over time • the central purpose of economic activity is the production of goods and services to satisfy needs and wants • the key economic decisions are: what to produce, how to produce, and who is to benefit from the goods and services produced • consumers, producers and government are the main economic groups • the interactions between the main economic groups. • understand the nature of an economic resource • identify and understand examples of the four factors of production (land, labour, capital and enterprise) and the reward accrued to each. • how and why choices are made, and how costs and benefits can be weighed up to make a choice • the concept of opportunity cost in the context of economic activity.
Assessment: Past paper questions and in class examinationKey Words and Terms
 
How are prices determinedTerm 3   
Students will be able to understand: • what is meant by the demand for a good or service • the factors which influence demand • how to construct an individual demand curve from consumer data • the difference between shifts of, and movements along, the demand curve. • what is meant by the supply of a good or service • the factors which influence supply • how to construct an individual firm's supply curve from production data • the difference between shifts of, and movements along, the supply curve. • how the interaction between supply and demand determines equilibrium price using a supply and demand diagram • why excess demand and excess supply can lead to changes in price • how to use supply and demand diagrams to understand the impact of changes in equilibrium market prices • how demand and supply curves can be applied to a variety of real-world markets • how to demonstrate revenue on a demand and supply diagram. • the meaning of complementary and substitute goods
Assessment: Past paper questions Key Words and Terms
 
Market failuresTerm 6   
Students will be able to understand: • market failure as the inability of the market system to allocate resources efficiently • the costs associated with misallocation of resources • methods of government intervention to counter misallocation of resources. • externalities as the difference between social costs/benefits and private costs/benefits • the difference between positive and negative externalities and identify them • that production and consumption can lead to negative externalities
Assessment: Past paper questions and in class examinationsKey Words and Terms
 
Production, costs and profitsTerm 4   
Students will be able to understand: • business objectives, including profit, sales growth and increasing market share • how to identify and calculate Total and Average, Fixed and Variable costs • how to identify and calculate Total and Average Revenues • that total revenue – total costs = profit, and that a firm may aim to increase its profits by reducing average costs and/or increasing revenues • that higher prices imply higher profits and that this will provide the incentive for producers to expand production • that the motivations of producers may conflict with ethical and moral interests. • the difference between production and productivity • the benefits of increased productivity. • economies of scale as the effect on average costs of a rise in production • the implications and effects of economies of scale on business behaviour • the costs and benefits of growth for a business • the different types of economy of scale, including managerial, purchasing, financial, technical and risk-bearing
Assessment: Past paper questionsKey Words and Terms
 
Resource allocationTerm 2   
Students will be able to understand: • a market is an opportunity for buyers and sellers to interact in order to establish price • the role of markets in allocating scarce • resources • the difference between factor and product markets. • the meaning of primary, secondary and tertiary sectors and their relative sizes in the UK • the difference between a good and a service. • the meaning of specialisation and the division of labour • how and why individuals and producers specialise • the costs and benefits associated with the division of labour, both to the worker and to the firm.
Assessment: Past paper questions and in class examinationKey Words and Terms
 

Login