Course Outline – Economics
Economics is all about the allocation of scarce resources in the economy. The course enables students to develop a clear understanding of how the economy and businesses work in allocating these resources efficiently. Economics explains such concepts as inflation, recessions, inequality and economic growth. It answers familiar questions such as why exchange rates change, why interest rates go up and down, why some people seem to earn far more than others and what exactly are stocks, shares and bonds.
Students will be able to apply the theory learnt in lessons to what is going on in the real world of the UK economy and in business. They will develop their own ideas about the performance of the economy and evaluate the government economic policies that effect everyone, such as spending and taxation. Students will consider the impact of, and potential solutions to, wider international problems such as global warming and income inequality. Students are encouraged to question the decisions made by the government and to develop their own ideas about how to promote the economic prosperity of the country.
The study of economics provides students with an understanding not only of the UK economy but of what needs to be done to help the economic development of LEDCS (less economically developed countries). They will appreciate why countries trade with each other. Areas such as the political considerations and benefits of MNCS (multi-national companies) within the economy and why governments need to control their actions will also be considered.
Students start their study of economics with A Level offered in the Sixth Form.
- How markets work and how the government intervenes in markets
- Economic policies and how to measure the performance of the UK economy
- different market structures and how firms make profits
- labour markets
- the distribution of income and wealth
- the UKs trade relationship with other countries
- economic growth and development
The economics department has a series of well-equipped, dedicated classrooms with appropriate resources such as projectors. Students use mini whiteboards to aid assessment for learning and to improve their understanding of economic diagrams. Students are able to subscribe to the Economist at a discounted rate to aid their understanding of the world economy.
Co-curriculum and Extracurricular Activities
Students are encouraged to take part in a range of competitions across the year. These include the “Student Investor Challenge”, during which students get the opportunity to invest in stocks and shares as part of a team and to research the performance of different companies. There are also a range of essay competitions that the students can enter in Year 12 such as the Financial Times “Young Economist of the Year” competition.
UK Young Enterprise at CCHSG
Young Enterprise is a national education charity that encourages young people to get involved in business from an early age. The programme allows 15-19 year olds to set up and run their own company for a year, create and market their product, and gain invaluable experience of the business world, while competing in the Young Enterprise competition. The scheme is run for Year 12 students at CCHSG and we have had a great deal of success in the Young Enterprise competition to date, including runners up in Europe and reaching National Finals.
Opportunities for Further Study and Destinations
Economics is a subject which is welcomed by employers and is highly respected by universities. The skills that students learn in Economics such as data analysis, evaluation and essay writing are of value across a range of other subject areas, such as History and Geography. There is a strong demand for highly numerate graduates and the analytical and problem-solving skills that the Economics course develops are widely transferable. Common career pathways following a degree in Economics include financial consultant, accountant, economic researcher, financial risk analyst as well as a range of banking, public sector and civil service roles.