GCSE Economics

Roundwood Park School What is economics? “Economics is how people's demands for things they want are met.” It is about scarce resources – such as oil, sporting or singing talent! There are three questions in Economics that we try to answer: I want a new iPad! Why are they so expensive?

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What will I study? Micro and Macro (little and big economics) Micro = about people – what they spend and save, how things are made and priced Macro = about countries and governments

Roundwood Park School What kind of questions do we ask in Economics? What are the social ‘costs’ of over consuming alcohol? How can governments help? What are the causes and consequences of growth, unemployment and inflation? What determines the trading success of the UK? How are exchange rates determined? Is globalisation a gift or a curse? What are the risks of long term poverty?

Roundwood Park School In year 10, you learn about Personal Economics:  Money: why does it have value, spending, saving and managing your money.  Work: why do we work, getting paid and what happens if we are out of work  The Economy: why do we trade, why we have different currencies, making choices as a consumer

Roundwood Park School In Year 11, you will investigate how the government tries (and sometimes fails!) to manage the economy:  Markets and the Economy: the role of consumers, suppliers, the government and central banks  The European Union: a hot topic! The benefits of a single market, the difficulties of the Euro  Current Economic Issues: globalization, poverty, immigration, environmental issues, China and more!

Roundwood Park School Assessment Two exams at the end of year 11- 1hr 15 minutes each Both are worth 50% of your final grade The questions are a mix of short answer and longer written structured questions, using scenarios and statistics from the real world.

Roundwood Park School What skills will I learn? Written Analytical and problem solving Numerical Presentation Research Communication Team working Political Awareness

Roundwood Park School What jobs do people do with Economics? Source: Alumni Survey Lawyer Investment manager Banker Politician Journalist Accountant Charity work International organisations These jobs are some of the best paid jobs in the UK!

Roundwood Park School What were we doing last week in our lessons? Year 10 ‘Egg Shortages in California’ New laws allocating more room to each egg laying chicken Implications on the supply of eggs? What happens to the price of eggs in California? In the rest of the US? Year 11 ‘Food prices, Fuel prices & Inflation’ What has been happening to food prices in the UK? And fuel prices? What is the current rate of inflation and why the change? Why don’t we want deflation?

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