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6th Form Curriculum Guide - Year 12 Economics
Term 1Markets, consumers and firms
1.1Scarcity, choice and potential conflicts: Students are introduced to the basic economic problem and to the way in which different economic agents have different and conflicting objectives. Topics Covered: -The economic problem - Business objectives -Stakeholders (economic agents) and their objectives 1.2 Enterprise, business and the economy Entrepreneurs are key to a dynamic economy and they take decisions in the context of current economic conditions. Topics Coved: -Role of an entrepreneur in the economy -Entrepreneurial motives - Factors of Production - Specialisation - The Wider Economic Environment
Assessment: Key Words and Terms
Term 2Markets, consumers and firms 2
1.3 Introducing the market The understanding of markets is fundamental to economics and helps students to understand what is produced and how it is sold. Topics Covered: - Demand - Supply - Price Determination - Price Mechanism - Understanding the consumer - The competition 1.4 The role of credit in the economy Firms may need to borrow for capital investment and working capital but borrowing can be both costly and risky. Topics Covered: - Role of banks in the Economy - Risk and liability - Types and sources of credit and the impact of credit within the economy
Assessment: Key Words and Terms
Term 3Markets, consumers and firms 3
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
Assessment: Key Words and Terms
Term 4The wider economic environment
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
Assessment: Key Words and Terms
Term 5The wider economic environment 2
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
Assessment: Key Words and Terms