Greensteds International School
Jun 23, 2017
Business & Economics

Economics Department

 

Introduction

 

Welcome to the Department of Economics at Greensteds .Economics is the study of how people make choices as individuals and in groups. Economic models are used to examine choice in all forms of social interactions-including but not limited to business, politics, international relations, workplace, family, schools, and criminal activities. In Economics you’ll look at the fundamental forces which affect our lives, such as employment, prices, international trade and poverty. Economists are often in healthy debate with each other over these issues. It is this controversy which makes Economics lively and interesting and which allows you the opportunity to make your own judgements and form your own opinions.

 

At Greensteds we offer Igcse Economics and International Advanced Level in Economics.

 

Course content

International Advanced Level in Economics. (IAL)

Key features

AS Economics has two compulsory units:

Unit 1: Markets in Action

This unit provides an introduction to the nature of economics and examines how the price mechanism allocates resources in local, national and global markets. Students should be able to apply supply and demand analysis to real-world situations, and be able to suggest reasons for consumer behaviour. They should analyse the nature and causes of market failure and also understand the strengths and weaknesses of possible policy remedies.

Unit 2: Macroeconomic Performance and Policy

This unit introduces the key measures of economic performance and the main objectives and instruments of economic policy in an international context. Students should be able to use a basic AD/AS model to analyse changes in real output and the price level. Students will understand when demand and/or supply side policies may be appropriate ways of improving an economy’s performance; consider these policies in an historical context; predict the possible impact of such policies and recognise the assumptions involved. Students should understand different approaches which may be used by policy makers to address macroeconomic problems and to identify criteria for success.

A2 Economics has two compulsory units

Unit 3: Business Behaviour

This unit develops the content of Unit 1 and examines how pricing and the nature of competition between firms is affected by the number and size of market participants. At the end of this unit, students should be able to analyse and evaluate the pricing and output decisions of firms in different contexts and understand the role of competition in business decision making. They should also be capable of making an appraisal of government intervention aimed at promoting competitive markets.

 

Unit 4: Developments in the Global Economy

This unit develops the knowledge and skills gained in Unit 2. The application, analysis and evaluation of economic models is required as well as an ability to assess policies which might be used to deal with economic problems. An awareness of trends and developments in the global economy over the last 40 years, including contemporary issues, is required. Wider reading and research will enable students to use up to date and relevant examples in their analysis and evaluation of issues and developments in the global economy.

IGCSE ECONOMICS

At Greensteds we offer the Cambridge IGCSE Economics which develops an understanding of economic terminology and principles and of basic economic theory. Learners study the economics of developed and developing nations and how these interrelate. They also learn to handle simple data and undertake economic analysis, evaluate information and discriminate between facts and value judgements in economic issues. The syllabus also encourages a better understanding of the world in which learners live, and helps them play an active part in the decision-making process, whether as consumers, producers or citizens of the local, national and international community. These are the main topics:

v  Basic economic problem: choice and the allocation of resources

v  The allocation of resources: how the market works; market Failure

v  The individual as producer, consumer and borrower

v  The private firm as producer and employer

v  Role of government in an economy

v  Economic indicators

v  Developed and developing economies

v  International aspects

Assessments

International Advanced Level in Economics.

 

Unit number and unit title

Level

 

Assessment information

Marks

Unit 1: Markets in Action

 

AS

Examination length: 1 hour and 30 minutes

Examination paper in two sections. Section A comprises supported multiple-choice questions where students write a short justification of why they chose that answer and/or why the other answers are incorrect. Worth 32 marks. Section B comprises one data response question out of a choice of two questions. Worth 48 marks.

80

Unit 2: Macroeconomic Performance and Policy

AS

Examination length: 1 hour and 30 minutes

Examination paper in two sections. Section A comprises supported multiple-choice questions where students write a short justification of why they chose that answer and/or why the other answers are incorrect. Worth 32 marks. Section B comprises one data response question out of a choice of two questions. Worth 48 marks.

80

Unit 3: Business Behaviour

 

A2

Examination length: 2 hours

Examination paper in two sections. Section A comprises two essay questions from a choice of four questions. Worth 40 marks. Section B comprises one data response question out of a choice of two questions. Worth 40 marks.

80

Unit 4: Developments in the Global Economy

 

A2

Examination length: 2 hours

Examination paper in two sections. Section A comprises one essay question with two parts from a choice of three topic areas. Worth 40 marks. Section B comprises one data response question out of a choice of two questions. Worth 40 marks.

80

 

Examinations are available in January for Unit 1, 2, 3 and June for Unit 1, 2, 3 and 4

Candidates receive grades from A* to E.

IGCSE ECONOMICS

The assessment has two components, Paper 1: Multiple choice and Paper 2: Structured questions.

Candidates must take both papers. Candidates receive grades from A* to G.

Paper   1      Multiple Choice   45minutes

Candidates answer 30 multiple choice questions.

Weighted at 30% of total available marks.

 

Paper   2   Structured Questions   2 Hours 15minutes

 

Candidates answer one compulsory question, which requires them to interpret and analyse previously

unseen data relevant to a real economic situation, and three optional questions from a choice of six.

 

Weighted at 70% of total available marks.

 

Availability

This syllabus is examined in the June exam series and the November exam series.

Careers

Economics is a fascinating subject because it includes the study of how people behave and interact with each other. The dynamic between consumers, manufacturers and government makes economics a vibrant topic. Of course, economics can also lead to an exciting career.

 

Economics is a versatile subject that can help you in a number of careers .not only could you find yourself working in big corporations ,banks or the government but your qualifications in economics could also be valuable support in a career like marketing, law, journalism or teaching. Journalism

 

News and events

Enterprise club is organized and managed by students in business and economics departments .The club aims at instilling entrepreneurial skills through organising regular business activities within the campus. It also aims at reinforcing economics and business concepts learnt by the students.

 

 

Link to online subject syllabus page.

http://www.cie.org.uk/qualifications/academic/middlesec/igcse/subject?assdef_id=851

http://www.edexcel.com/quals/gce/gce08/economics/Pages/default.aspx

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