Mayfield Grammar School, Gravesend
Economics
The master-economist must possess a rare combination of gifts …. They must be mathematician, historian, statesman, philosopher—in some degree. They must understand symbols and speak in words. They must contemplate the particular, in terms of the general, and touch abstract and concrete in the same flight of thought. They must study the present in the light of the past for the purposes of the future. No part of human nature or institutions must be entirely outside their regard. They must be purposeful and disinterested in a simultaneous mood, as aloof and incorruptible as an artist, yet sometimes as near to earth as a politician.
John Maynard Keynes
| GCSE | A Level |
| Board: OCR
Syllabus: J205 |
Board: Edexcel (A) Syllabus: 9EC0 |
About the subject
Economics concerned with the allocation of scarce resources – our ‘wants’ are infinite, but we can provide for only a small number of them. How do we decide what, how and for whom to produce? Why do people, firms and governments make the choices that they do? How do other agents influence those choices? Why and how do governments act to influence other agents? Are such interventions effective?
In Microeconomics students will use concepts like demand and supply to learn how markets work (from finance markets to housing markets, clothing and food). We also study the causes and consequences of market failure; would everyone pay for education or health care if they had to? Why would it matter if they didn’t? Why do people make irrational choices? We analyse business economics, labour markets and the distribution of income; is inequality fair? Do people get what they deserve?
We also study Macroeconomics which looks at the functioning of the economy (growth, unemployment, inflation, etc). Students gain insight into the debate on the level of government spending versus taxes, the ‘cost of living crisis’ and policies that governments use to manage the economy. We also introduce the international context incorporating globalisation and trade (e.g. post-Brexit trade).
The subject is studied within the context of contemporary life. Economic issues are current and dynamic, and concepts are covered in a way that reflects this.
Learning Styles
We use many different approaches to learning, including flipped learning, teacher led discussion on current debates, individual and small group tasks, classroom experiments and research tasks. Students use peer marking to learn how to structure answers to exam questions and learn to interpret and analyse current economic data and use graphical economic analysis.
What is Taught
Economics requires logical thinking. It brings together numerical skills and social awareness. Students will develop the ability to understand and interpret the world around them. There is often no right or wrong answer so students will also practise seeing both sides of an argument and work on forming logical and reasoned conclusions given a set of information and the theories we have taught them.
We ask that students come to lessons prepared with some prior knowledge. We use an online learning platform which provides a suite of videos and assessments.
In lessons we develop and extend this knowledge and teach students the skills they need to produce well-reasoned and logical arguments to the longer essay questions. Lessons are a mix of teacher delivery to clarify theory and deepen understanding, work on individual tasks and group discussion to promote independent thinking.
You can access an overview of our economics curriculum at both GCSE and A-Level by clicking the link below:
Subject Modules and Assessment
| GCSE | A-Level |
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Entry requirements (A-Level only)
6 or above in GCSE Maths and a 6 or above in GCSE English Language.
Subject Combinations and Progression
Economics can usefully be combined with any other academic subject. Sound combination subjects include Maths, History, Politics, Geography and any of the sciences and social sciences.
Destinations frequently include university, finance industry, stockbroker, business consultancy (e.g. marketing, analysis and traders), journalism and education.
You can find more information regarding careers of all kinds by visiting the MGSG Careers department.