Our School App Stay connected on the go...
Economics is about choice and the impact our choices have on each other. It relates to every aspect of our lives, from the decisions we make as individuals or families to those taken by governments and businesses. It is about scarcity and the problem of resource allocation. You will learn economic theories and develop your ability to apply the knowledge you gain to real life situations at a local, national and global level. Economics fits well with Sociology, Geography and History. It involves the interpretation and use of data, so you get to use your maths skills although you are also required to write extended prose answers where you make judgements and justify them.
You will follow the OCR Specification and the course will be divided into three units. All three units are externally examined in separate exams but the final unit will carry the same weight as the other two combined. The questions in the final unit are based on pre-release stimulus material.
How the Market Works (25%): This unit covers issues within microeconomics. You will consider the basic economic problem and how it affects the allocation of resources in competitive markets. You will cover how price is determined through the forces of demand and supply. You will look at the factors affecting businesses and look at the rewards for work.
How the Economy Works (25%): This unit covers issues within macroeconomics. You will look at some of the terms you may be familiar with from the news: growth, employment/unemployment and inflation. You will consider these with regard to their measurement, causes, consequences and the implications for government policy.
The UK Economy and Globalisation (50%): This unit builds on the knowledge and skills gained in the other two units. You look at trade and its implications. You will consider the reasons for international trade and globalisation and the effect of money exchange rates on that trade. You will investigate the concepts of absolute and relative poverty, including why some countries are excluded from enjoying the benefits of globalisation.
In studying Economics you will:
- Develop as an effective and independent learner
- Use an enquiring, critical approach to distinguish between fact and opinion, build arguments and make informed judgements
- Apply your knowledge, understanding and skills to understand current events in a range of local, national and global contexts
- Understand the perspectives of a range of different stakeholders in relation to economic activity
- Consider the moral issues that arise as a result of the impact of economic activity on the environment and economic development
Study at Home
Text Book – Heinemann Publishers – OCR Economics by Bancroft and Chapman
This link takes you to bite size homepage. Pick Business Studies and access notes and short tests.
Tutor2u have lots of good notes. If you investigate the site you will find other revision tools.
Bized again has loads of good notes and materials. The resources are more geared up to A level students, but they are a good reference source.
Watch the news, look at the BBC news website and read newspaper articles on current economic issues.