Exam Board: OCR
Course Overview:
GCSE Economics provides a well rounded introduction for the advanced study of the subject. By learning how
to explain and evaluate economic problems and possible solutions, pupils will acquire a way of thinking as economists and develop a logical approach to thinking and reasoning. By learning how to use economic data from a range of sources, such as tables, charts and graphs, pupils will acquire the skills to make informed judgements and to communicate in a clear and concise way. Pupils will benefit from these transferable skills in their further study and employment. Economics is an academic subject that is highly thought of both by universities and employers. Economics degrees have been found to be the second most lucrative degree five and ten years after graduating (after Medicine), but studying economics will help with all career paths – whether in the private, public or charity sector.
Course Content:
GCSE Economics is a two year course covering both microeconomics and macroeconomics. Pupils learn microeconomics in the first year through covering introductory topics and the role of markets and money.
They then switch to macroeconomics in the second year and cover economic objectives, the role of government, international trade and the global economy.
Assessment Structure:
All assessment is through two exams at the end of the course (with multiple choice, short and longer answer questions):
Paper 1: Introduction to Economics (1 hour and 30 minutes written paper)
Paper 2: National and International Economics (1 hour and 30 minutes written paper)
The key areas of study for Year 1 are:
Main economic groups and factors of production
The basic economic problem
The role of markets
Demand
Supply
Price
Competition
Production
The labour market
The role of money and financial markets
The key areas of study for Year 2 are:
Economic growth
Unemployment
Inequality
Inflation
Fiscal policy
Monetary policy
Supply-side policy
Limitations of markets
International trade
Balance of payments
Exchange rates
Globalisation
Extra Curricular Opportunities:
Debating club, access to trips and talks from the Bank of England.
Career Prospects and Transferable Skills:
Anyone with an interest in current affairs and knowing more about the way the world works. If pupils have a particular interest in business, human geography, or politics then this could be the course for them. GCSE Economics will enable pupils to become better-informed and more responsible citizens, consumers and producers, by allowing them to develop an awareness for the importance of the economic dimension to our
lives. This will allow them to become more confident in the economic choices relating to their life and work.
Further Information: Naomi Francis - email: naomi.francis@scwa.org.uk
Economics (GCSE) Subject Information Video