Curriculum: 6th Form

6th Form Curriculum Guide - Year 12 Economics
Term 1 Markets, consumers and firms 1   
1.1 Scarcity, 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 Covered: - Role of an entrepreneur in the economy -Entrepreneurial motives - Factors of Production - Specialisation - The Wider Economic Environment
Assessment: After 3 weeks there will be an assessment to review suitability to continue the course. EOU assessment will be carried out at the end of term.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: EOU assessment and case studies throughout the termKey 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: EOU assessment and case studies and multi-choice through out the term. Mock paper to grade progressKey Words and Terms
Term 4 The wider economic environment 1   
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: EOU assessment and case studiesKey Words and Terms
Term 5 The wider economic environment 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: EOU assessment and case studies throughout the termKey Words and Terms
Term 6 The wider economic environment   
2.5 The economic cycle Economic growth rates are constantly changing, creating instability and uncertainty for firms and economic agents. Topics Covered: -The economic cycle -Circular flow of income, expenditure and output -Inflation -Employment and unemployment 2.6 Introduction to macroeconomic policy Economic policies focus on stabilisation and standards of living but controversy and debate may influence the outcome. Topics Covered: -Possible macroeconomic objectives -Policy Instruments -Potential policy conflicts and trade-offs
Assessment: UCAS Mock exam on theme1 and theme 2Key Words and Terms