|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. The assessments will consist of AS level questions and will initially look to reinforce the development of chains of logic and the use of application and evaluation skills.||Key Words and Terms|
|Term 2||Markets, 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.
- 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.
- 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 term. Students will start with case studies with 4 and 8 mark questions to help develop and progress their evaluative and application skills. The questions will gradually increase in length, depth and skills required to help guide student progression.||Key Words and Terms|
|Term 3||Markets, 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. The assessments will start to build on topics covered in previous terms and allow the student to practice bringing together other elements of the course to build chains of logic and fact based evaluation techniques.
An AS Mock paper from a previous year will be used to grade progress and identify areas for improvement.||Key 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 studies||Key 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 term||Key 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 2||Key Words and Terms|