Mayfield Grammar School, Gravesend
Economics
Economics is a fundamental discipline that touches on every aspect of our lives. It provides an analytical framework for understanding the world around us and the decisions that we make.
Janet Yellen
The Economics curriculum has several aims that it seeks to achieve. Firstly, it aims to inspire students to think as economists, encouraging them to develop the analytical skills and technical knowledge required to excel in the field. Additionally, the curriculum aims to provide students with an understanding of our constantly evolving world, enabling them to comprehend the complex economic forces that shape it.
The study of economics is also relevant to many different career paths, providing students with a valuable asset. Furthermore, studying economics can help students develop a sense of civic responsibility and an awareness of the impact that economic policies can have on individuals and society as a whole. Economics provides students with the ability to think critically about economic issues and to evaluate the effectiveness of different policies and solutions.
By studying economics, students can stay up-to-date with the latest developments in the field and be at the forefront of new ideas and research. Economics is a subject that is both practical and theoretical, emphasising the application of economic concepts to real-world situations.
Finally, studying economics can help students develop a range of valuable skills, including data analysis, problem-solving, and communication, that will be useful in a variety of professional contexts.
Key Concepts
Microeconomics and Macroeconomics
The study of these two concepts include:
- Introduction to Economics
- 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
- National and International Economics
- Economic growth
- Low unemployment
- Fair distribution of income
- Price stability
- Fiscal policy
- Monetary policy
- Supply-side policies
- Limitations of markets
- International trade
- Balance of payments
- Exchange rates
- Globalisation
Key Skills
Problem solving
Economics is a complex subject and much of the teaching and assessments is in reference to case studies. This means that you look at scenarios and data sets analyse them and respond to questions about them.
Critical Thinking
By studying different concepts and theories, this helps develop critical thinking and problem solving skills that can be valuable in numerous different career pathways.
Analysis
Economics helps you learn how to analyse information critically by identifying key information from lengthy data sets and make informed decisions. Your analytical skills are helpful for both the numerical and social aspects of Economics.
Evaluation
Economics contains many vast and dynamic concepts and theories. The decisions made by governments, firms and even individuals can incur many costs and benefits. In Economics, you will learn how to evaluate information, draw conclusions and make informed decisions.
Communication
Studying Economics can help develop your written and verbal communication skills, which are valuable in many aspects of life. The course includes understanding and effectively and logically communicating your points through discussion and written work.
Application
Being able to take the knowledge from key concepts and theories and apply it within the wide range of microeconomic and macroeconomic real-life contexts.
What is taught?
Academic Literacy in Economics
Weekly readings through Teams, discussions, reading journals
Students are encouraged to extend their interest in Economics by…
Engaging with current events through news updates, attending extracurricular clubs including seminars, debate club
Enrichment Opportunities
Revision workshops organised by Tutor2u.
Careers Guidance and Support for Economics:
https://www.prospects.ac.uk/careers-advice/what-can-i-do-with-my-degree/economics