Economics
Economics at Salvatorian
Keynes argued that governments should solve problems in the short run rather than wait for market forces to fix things over the long run, because, as he wrote, “In the long run, we are all dead.”
Economics introduces students to some new ways of looking at the world and some new techniques of analysing what you see. Economics will make students inquisitive and want to understand how the world works. It is the study of how we can satisfy our infinite wants, with the scarce resources available on earth. Why are there such contrasts between wealth and poverty in our world? How can we keep consuming goods and services while minimising the impact on the environment? What does the government do to improve living standards, reduce prices and reduce unemployment? How have globalisation and trade contributed to the political climate, social concerns and the issues impacting on everyone, every day? Economics is about choice and the impact of our choices on each other. It relates to every aspect of our lives from the decisions we make as individuals or families to the structures created by governments and firms. The economic way of thinking can help us make better choices. The Economics curriculum intends to develop fundamental skills such as critical analysis, independent thinking and balancing judgements. We aim to ensure that students can go to their next step of learning and into the world of work with the attributes necessary to be successful. It is important to us that students not only have access to the exam at the end of Year 11 but to develop an understanding, respect and love for the subject.
Our Staff
Mr A Coker – Head of Department
Mr S Rabey – Teacher of Economics
Mr M Tissot – Teacher of Economics
Key Stage Four
Exam Board OCR
There are two units to study and each exam is one hour 30 minutes in length
Paper 1: Introduction to economics
Students are introduced to fundamental economic terms and concepts and apply them to explain how markets work in contemporary and historical economic contexts. They study the roles of the main economic agents, how they interact, and the importance of financial markets. There are two topics:
- Introduction to economics
- The role of markets and money
Paper 2: National and international economics
Students develop their understanding of how governments aim to achieve economic objectives and the effects of economic policies on markets, as well as the importance and impact of international trade. There are two topics:
- Economic objectives and the role of government
- International trade and the global economy.
Revision materials include teacher PowerPoints, exam board past paper questions, and resources from the internet such as the BBC website, Bitesize and Tutor2U Economics.
Key Stage Five
Economics is a challenging, technical, theoretical and yet practical subject, and to be successful you will need to have a thorough grasp of the theory covered at A Level. However, the more you can place economic theory in real world scenarios, the better you will be able to evaluate ideas and give yourself the chance of attaining top grades. You will also personally get more out of the course if you have a good understanding of the prevailing economic climate in the UK, across Europe and in a global context. The global recession, Eurozone crisis, Brexit, Covid-19, war and cost of living means that there are always interesting and challenging articles appearing in the news for you to follow.
Exam Board Pearson (Edexcel)
There are three units to study and each exam is two hours in length
Paper 1: Markets and Business Behaviour
Paper 2: The National and Global Economy
Paper 3: Microeconomics and Macroeconomics
Entry Criteria Minimum of five GCSEs Grades 9-5, including a grade 6 in Maths.