Economics
The study of economics at school means understanding the decisions that are made by economic agents when exploring current and historic economic thinking and analysis. Students learn about local, national, and global economies and learn to defend their beliefs whilst developing the ability to be open-minded about the views of others, approaching economic ideas with an objective yet critical eye.
At Langton, we recognise the importance of quantitative skills, as students engage with real-world datasets, and global awareness as students explore the importance of international trade, development, globalisation, and emerging markets. We emphasise ethical considerations and sustainability in economic decision making as students are equipped to pursue further studies and high paid careers in economics and make meaningful contributions to society and the evolving global economy.
The Langtonomics journal written by students, encourages them to be creative thinkers with own ideas on economic theory and issues that impact real-world problems. Exploring these ideas and theories of production and distribution of scarce resources is further discussed in super-curricular Politics Philosophy and Economics (PPE) sessions. Through teaching both within the classroom and beyond, economics students engage with information aimed to inspire and allow them to evolve into independent learners.
Minimum Entry Criteria
Desired: 7 in Maths and/or 7 in English Language
Essential: 6 in Maths and/or 6 in English Language
Board
Edexcel
Outline of the Course
Unit 1: Introduction to markets and market failure
- This unit focuses on microeconomic concepts. Students will develop an understanding of nature of economics; how markets work; market failure; government intervention
Unit 2: The UK economy – performance and policies
- This unit focuses on macroeconomic concepts. Students will develop an understanding of measures of economic performance; aggregate demand; aggregate supply; national income; economic growth; macroeconomic objectives and policy
Unit 3: Business behaviour and the labour market
- This unit develops the microeconomic concepts introduced in Unit 1 and focuses on business economics. Students will develop an understanding of business growth; business objectives; revenues, costs and profits; market structures; labour market; government intervention
Unit 4: A global perspective
- This unit develops the macroeconomic concepts introduced in Unit 2 and applies these concepts in a global context. Students will develop an understanding of international economics; poverty and inequality; emerging and developing economies; the financial sector; role of the state in the macro economy
Assessment
Type of Assessment |
Duration |
Weighting |
|
1 |
Markets and Business Behaviour: questions will be drawn from Units 1 and 3 |
2 hours, 100 marks |
35% |
2 |
The National and Global Economy: questions will be drawn from Units 2 and 4 |
2 hours, 100 marks |
35% |
3 |
Microeconomics and Macroeconomics: questions will assess content across all four units |
2 hours, 100 marks |
30% |
