IGCSE Economics

Economics will be offered to Year 10 from August 2025. 

Students will develop an understanding of economic terminology, concepts and theories. They will develop basic economic numeracy and be able to interpret economic data using the tools of economic analysis.  Students will be encouraged to express economic ideas logically and clearly in a written form, applying economic understanding to current economic issues.

Course Content

During Year 10 and 11, students will study 6 major topics within the Business syllabus.

The first section of the syllabus introduces the fundamental ideas and concepts that underpin the study of economics including the basic economic problem, factors of production, opportunity cost and production possibility curves. 

The fundamental principles of resource allocation are considered through the price mechanism in a market economy. The market forces of demand and supply, market equilibrium and disequilibrium, and elasticity form the core of this section.

The micro-economy is an important area of study, and the approach to learning taken here is through the role of the major decision makers: banks, households, workers, trade unions and firms

Governments have different macroeconomic aims, and conflicts often arise between the choice of measures used to achieve them. Variables must be measured to consider the causes and consequences of change, and appropriate policies applied.

As an economy develops there will be changes in population, living standards, poverty and income redistribution. Therefore, the effects of changes in the size and structure of population and of other influences on development in a variety of countries are explored. 

The importance of trade between countries and the growth of globalisation is explored. Principles such as specialisation, the role of free trade, the role of multinational companies, foreign exchange rates and balance of payments stability are considered.

The topics are studied through a range of activities including practical work, research and by sharing personal experiences. Textbooks will of course be used as they offer a great source of information, but Economics is real life and students always learn more and enjoy their work when they are immersed in the subject and can see how the topics work in practice.

Assessment

In Economics,  all students study the same syllabus and can achieve grades A* - G.

During the two years of study, students will prepare for two exams as part of the IGCSE. The exams are known as Paper 1 and Paper 2.  Paper 1 is worth 30% of the overall grade achieved and Paper 2 is worth 70%. Both exams are completed at the end of Year 11. 

Paper 1 is 45 minutes in length and is multiple choice.  Paper 2 is 2hrs 15 minutes in length, requiring a mixture of short answers and structured responses.