Economics O'level

The study area SEC Economics is informed by the National Curriculum Framework (NCF). GSCE Economics is informed by Regulated Qualifications Framework (RQF).

Economics is the study of how to use scarce resources in the best possible way. Households, businesses as well as governments are confronted with ‘the economic problem’ of alternative uses of limited resources. For this reason, Economics is also known as the science of choice. The nature of the subject shows the interrelation that exists between different topics. The social, political, environmental and economic ramifications inherent in the process of choosing will be considered. 

Extensive media coverage of economic problems and events highlights the need for increased awareness of the economic environment in which we live and the economic forces that act upon our lives. This media coverage fosters a growing public perception of the impact of economic decision-making and the relevance of studying Economics.

At the end of the programme, the student will be able to: 

• formulate and pursue enquiries into aspects of the material world using basic economic concepts, as well as tools such as the Production Possibility curve to help explain how best to allocate scarce resources
• use one’s knowledge and understanding of the market forces of demand and supply and of the price elasticities of demand (PED) and supply (PES) to explain and predict price changes in a free market and to apply them not only to the commodities market but also to the property market and the labour market
• compare and contrast how output and costs change when a firm employs more of all the resources (long run) and when a firm employs more of only some resources (short run)
• use economic concepts to help explore contemporary social, environmental and related issues and to think about challenges and opportunities that these issues raise.
• use one’s understanding of national income data to evaluate and to predict changes in economic performance
• use one’s understanding of the roles of money and credit institutions, sources of finance, interest rates and the RPI/HICP to examine and assess the impact of inflation and to examine policies intended to reduce the level of unemployment
• understand how Economics can help reflect on issues of trade between countries and to understand the impact of countries having different currencies and that of countries using a common currency
• use one’s knowledge in Economics to assess economic growth, economic development and income distribution both within a country and between developed and less developed countries in light of the United Nations’ Sustainable Development Goals (SDGs)
• apply one’s understanding of macroeconomic concepts to inform my thinking about large-scale problem solving in local contexts, to facilitate thinking about global challenges and to think critically about the impact of macroeconomic solutions on the environment and on resource sustainability