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Christ's College Finchley

Economics

Introduction

Who we are?

Mr Ahmed, Teacher of Mathematics /KS3 coordinator for Mathematics  & Head of Economics  
Email : ba@ccfplus.com

 

Three news items appear below taken from just one day from our economics daily diary last year Thursday 20 November 2014:

  • Royal Mail shares dropped 8.4% to 430p and knocked more than £360m of the privatised company’s market value. Operating profits before transformation costs dropped 21% to £279m in the six months to the end of September. Amazon accounts for 6% of all parcels and its decision to not renew its contract of 70m packages a year is a severe blow.
  • The McKinsey Global Institute reports the worldwide cost of obesity is £1.3tn, or 2.8% of annual economic activity – it costs the UK £47bn.
  • Not since the Bank Charter Act (1844) has the House of Commons debated money. Today 170 years later MPs will begin to understand Martin Wolf’s point that 97% of our money supply is created not by the Bank of England but by the Big Four banks in the form of loans.

Aims and enrichment

Aims

The aims and objectives of the Pearson Edexcel Level 3 Advanced GCE in Economics A are able to enable students to:

  • develop an interest in and enthusiasm for the subject
  • appreciate the contribution of economics to the understanding of the wider economic and social environment
  • develop and understanding of a range of concepts and an ability to use those concepts in a variety of contexts
  • use an enquiring, critical and thoughtful approach to the study of economics and develop an ability to think as an economist
  • understand that economic behaviour can be studies from a range of perspectives
  • develop analytical and quantitative skills, together with qualities and attitudes that will equip them for the challenges, opportunities and responsibilities of adult and working life.

Enrichment

The students that study Advanced level economics automatically belong to the CCF Economics Society which has very active members that attend a wide range of events to support their studies.

Examples include:

  • Weekend conference of the Institute of Economic Affairs
  • Meeting Professor Steven Keen at the University of Greenwich weekend conference
  • Guided walk of the “City and the Financial Crash”
  • A talk on “The Economics of Austerity” at the Royal Society for Arts.

Key stage 5

If you are intrigued by any of these news headlines, then why not explore further in our Advanced level Economics classes?

Learning about, and keeping up to date with current economic events is at the core of this subject. The exam papers present stimulus material on economic issues, such as those mentioned above, and ask the candidates to explore them with relevant theory and concepts in a series of short and essay style questions. So being interested in, and keeping up to date with, current economic issues is crucial.

At Christ’s College Finchley we teach the Pearson/ Edexcel Level 3 Advanced GCE in Economics Specification A (9ECO).

The two year GCE Advanced level course is divided into four themes and can be seen in Box below. The one year AS course comprises the first two of these themes.

Theme 1: Introduction to markets and market failure

This theme focuses on the microeconomic concepts. Students will develop an understanding of:

  • nature of economics
  • how markets work
  • market failure
  • government intervention.

Theme 2: The UK economy – performance and policies

The theme 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.

Theme 3: Business behaviour and the labour market

This theme develops the microeconomic concepts introduced in theme 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.

Theme 4: A global perspective

This theme develops the macroeconomic concepts introduced in theme 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 macroeconomy.

Both theme ones and two that are studied in Year 12, are examined by a one and a half hour written paper comprising section A multiple choice and short answer questions and section B comprising one data response short answer questions from a choice of two.

In Year 13 students build on these two themes and apply their knowledge to more complex concepts and models in Themes 3 and 4. Students need to apply their knowledge and understanding to both familiar and unfamiliar contexts in the assessments and demonstrate an awareness of current economic events and policies.

In Year 13 there will be three exams and each will be of two hours in duration. The first paper “Markets and Business Behaviour” comprises three sections in a combination of multiple choice, short answer questions, data response and extended questions. The second paper “The National and Global Economy” will follow the same format as paper 1. The third paper “Microeconomics and Macroeconomics” will assess the content of all four themes. This will comprise two sections of a data response broken down into a number of parts including a choice of extended open –response questions.