Our vision in the Economics department is to help students understand and engage with the increasingly complex world of economics, allowing them to understand how the economy works both on a Micro and Macro level.
We want our students to:
Understand micro-economic and macro-economic market models; use the models to explore current economic behaviour; make causal connections; and develop an understanding of how the models shed light on the economy as a whole.
Be aware of the assumptions of the model of supply and demand; explain the way it works using a range of techniques; and use the model to describe, predict and analyse economic behaviour.
Develop an understanding of the benefits of markets and the reasons why they may fail; understand the implications of market failure for individuals, firms, and government, and recognise the possibility of government failure.
Use the aggregate demand/aggregate supply (AD/AS) model and data to understand why supply-side and/or demand-side policies may be seen as appropriate ways of managing an economy.
Consider the possible impact of macro-economic policies; recognise the issues government faces in managing the macro-economy; argue for different approaches; and identify criteria for success and evaluate effectiveness.
Develop the ability to apply and evaluate economic models as represented in written, numerical and graphical forms; interpret and evaluate different types of data from multiple sources; and propose and justify possible responses to economic issues.
Mr R Whitehouse - Curriculum leader
Individuals, firms, markets and market failure1 Economic methodology and the economic problem
2 Individual economic decision making
3 Price determination in a competitive market
4 Production, costs and revenue
5 Perfect competition, imperfectly competitive markets and monopoly
6 The labour market
7 The distribution of income and wealth: poverty and inequality
8 The market mechanism, market failure and government intervention in markets
The national and international economy
9 The measurement of macroeconomic performance
10 How the macroeconomy works: the circular flow of income, AD/AS analysis, and related concepts
11 Economic performance
12 Financial markets and monetary policy
13 Fiscal policy and supply-side policies
14 The international economy
We have guest speakers come into the school from the Bank of England to discuss how the Central Bank works and how Monetary Policy works.