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Mayfield Grammar School Gravesend > Learning at Mayfield > Subjects > Economics

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 department delivers a knowledge rich curriculum that aims to equip students with the powerful disciplinary knowledge needed to understand and explain the concept of scarcity. Our goal is to inspire our students to have a heightened intellectual curiosity about how the economy works at an individual, firm, industry, society, and global level, such that students have both the confidence and the knowledge to critically engage with the conversation of human progress. We achieve this by having uncompromising aspirations for all our students, working collaboratively with them so that they fulfil their potential, whilst steadfastly promoting cultural literacy, intellectual rigour and high standards of behaviour for learning.

Key Concepts

  • Scarcity
  • Efficiency
  • Markets
  • Market Failure
  • Government Intervention
  • The Circular Flow of Income
  • Absolute and Comparative Advantage
  • Poverty
  • Inequality

Key Skills

At MGSG we have identified the 8 most important skills that students of economics must master if they are going to be successful in their studies, be that at GCSE, A-Level, or undergraduate level.

  1. Skill 1: Knowledge – This is the most important skill of all. It is the skill that all others depend on. If you do not have sound knowledge of the specific terms, concepts and models used in economics, you will not be able to progress to the more challenging, higher-level, and more rewarding skills.
  2. Skill 2: Application – This skill is all about applying your economic knowledge to the context presented in the exam paper. Selecting the right concepts, and explaining them, in the context of the question is a core skill which is tested in all examination papers.
  3. Skill 3: Analysis – Analysis is ultimately about identifying and explaining in a step-by-step approach either the cause of an economic event or problem, or the possible effects or consequences of that event, problem or policy.
  4. Skill 4: Evaluation – As most students will be aware, the skill of evaluation is key to gaining the highest marks in economics exams. In simple terms, to evaluate in economics means to consider the value of something (an explanation, theory or policy) in terms of whether it achieves an objective or provides an effective explanation. Almost anything can be evaluated in economics, including economic problems (how significant are they?) what causes the problem (is problem ‘X’ caused more by ‘A’ than ‘B’?) theories (how well do they explain problem ‘X’?), and policies (how effective would policy ‘Y’ be in reducing problem ‘X’?).
  5. Skill 5: Question interpretation – It is so important to answer the question asked, not the question you think has been asked.
  6. Skill 6: Diagrams – We love diagrams in economics! Diagrams are your friends and vital tool in getting top grades.
  7. Skill 7: Quantitative Skills – Economics is a rigorous social science, and as such, economists are expected to deal with data and calculations.
  8. Skill 8: Structure – Finally, it is very important to present your writing in an easy-to-understand way.

You can access an overview of our economics curriculum at both GCSE and A-Level by clicking the link below:

Economics Curriculum Overview

Academic Literacy in Economics

Students’ academic literacy is developed by:

  • The explicit teaching of key Economic terminology in our lessons.
  • Guided reading during lessons.
  • Encouraging students to loan books from the curated Economics section of the school library.

Mayfield students are encouraged to extend their interest in Economics by:

  • Presenting their independent learning to the wider school community through either Business and Economics Society or the Walder Lectures.
  • Reading a book from the Economics section of the school library.
  • All students have free unlimited access to the Financial Times online. This is a fantastic resource for staying updated on global economic news and trends.
  • Engaging with our Summer Recommendations which are curated by the department annually. The most recent version of which can be found by clicking the link: Economics Summer Recommendations.

Enrichment Opportunities:

  • Model UN (Monday lunchtime)
  • Economics Study Club (Tuesday lunchtime)
  • Debating Society (Wednesday lunchtimes)
  • Business and Economics Society (Thursday lunchtime)
  • Newspaper Review Group (Thursday mornings from 8am)
  • Wills Lectures (Friday afterschool – bi-weekly)

Careers Guidance and Support for Economics:

Studying economics at MGSG helps students to:

  • Solve problems in a creative way – students can combine written, numerical and data handling skills to tackle issues from a range of perspectives, within set timeframes and working under pressure.
  • Build strong quantitative and qualitative approaches to handling data, analysing ideas and drawing conclusions, as well as literacy skills.
  • Communicate complex ideas and present balanced views from a range of different stakeholders.

In a typical year, there are over 200,000 job ads in the UK that are economics related. Some key stats are:

  • The NHS is the largest graduate employer of those with economics skills, recruiting nearly 6,000 economics related graduates every year.
  • Other large employers of graduate economists include:
    • Amazon (750+ annually)
    • Sky (460+ annually)
    • AstraZeneca (330+ annually)
    • Shell (240+ annually)
  • Around 45% of economics related jobs are outside of London.

Economics supports a wide range of careers including:

  • Accountancy
  • Journalism
  • Professional Economist
  • Civil Service
  • Stockbroker
  • Consultancy
  • Banking and Finance
  • Teaching
  • Graduate Management Schemes
  • Charity work

You can find more information regarding careers of all kinds by visiting the MGSG Careers department.