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We have staff training on Friday 16th October followed by half term so no tours will be available after 15th October 2026.

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Economics

Curriculum Intent

"To nudge the Homo-economicus into happiness”.

Are you curious as to why poverty and inequality persist? Do you want to find out who the winners and losers of the integration of the world’s economies are? In RGS Economics lessons you will learn how the governments manage their economy and how effective their policies are. You will find out how consumers and producers make choices in trying to meet their economic objectives and whether the government intervention might help when the markets are unable to satisfy important economic objectives.

In Economics lessons students develop a critical understanding of and apply a range of economic theories (including the 8 concepts of scarcity, choice, efficiency, equity, economic wellbeing, sustainability, change, interdependence and intervention), models, ideas and tools in the areas of microeconomics, macroeconomics and the global economy, and by applying their knowledge, analyse economic data to understand and engage with real-world economic issues and problems facing individuals and societies. The students develop a conceptual understanding of individuals’ and societies’ economic choices, interactions, challenges and consequences of economic decision-making.

Economics is offered as:

  • GCSE Option Years 10 & 11
  • A Level Years 12 & 13

Key Stage 5 Economics A Level

(OCR - A Level)

Curriculum Overview

The course will cover the following topics: 

  • Microeconomics (including how competitive markets work, the role of markets, business objectives, market structures and the labour market),  
  • Macroeconomics (including aggregate demand and aggregate supply, economic policy objectives, implementing policy, the global context, the financial sector) 
 Term 1Term 2Term 3Term 4Term 5Term 6
Year 12Microeconomics: Basic Economic Problem, opportunity cost, allocation of resources, specialization and trade, demand, supply. Interaction of markets Microeconomics: Elasticity, prices, resource allocation and concept of margin, market failure and externalities, information failure and public goods, government intervention and government failure The Global Context: international trade, globalization, trade policies and negotiations Macroeconomics: the balance of payments, exchange rates 

Macroeconomics:  

Aggregate demand and aggregate supply, economic policy objectives such as economic growth, development, low inflation, high employment, income distribution and welfare, trends in macroeconomic indicators 

Macroeconomics: implementing policy including fiscal, monetary, supply-side policies; the Phillips curve and policy conflicts 
Year 13Microeconomics: business objectives and market structures Macroeconomics: the financial sector Microeconomics: the labour market Revision: macroeconomics Revision: microeconomics Exams

 

 

Assessment at A Level

Exam Only 

Paper 1: Microeconomics,  

Paper 2: Macroeconomics  

Paper 3: Themes – a synoptic paper with a multiple choice element 

Complementary Subjects

MathsFurther MathsEPQs

 

British Values in Economics

Democracy: In Economics, the planned vs. command economy features, advantages and disadvantages are discussed with the view of which is most efficient in solving the basic economic problem. While not directly implying that all command economies are lacking in democracy, the historical examples of FSU and current examples of the regime in North Korea are being used. In the Development unit of Economics the aspect of democratic power is implicitly taught as a component of development and Gross National Happiness (using the example of Bhutan).

Rule of law: In the Financial sector unit of Economics and in the Development unit, time is spent discussing the law enforcement as one of the hindrances of the effective functioning of Harrod-Domar model and other models of development. Government failure is another specific topic in both specifications which is taught in Microeconomics.

Individual Liberty: The concept of homo-economicus, the role of paternalistic state and the advantages and disadvantages of the government interventions constitute a major debating point in microeconomics.

Mutual respect: All lessons promote mutual respect, debates on the topics such as NMW, EU membership, income inequality, free trade and/or globalization allow the pupils to state and defend their point of view and the students are encouraged to be prepared to listen to and appreciate the opposite views before providing constructive criticism. A good example of the outcome is the student led Finance, Business and Economics club ran by Year 12 pupils.

Tolerance of those of different faiths and beliefs: One of the approaches to evaluation practiced in Economics is “consider all stakeholders”, during our class debates the pupils are encouraged to step in the shoes of another social group and see the problem from its point of view. Examples include interventionist vs. market oriented debates on free trade, free movement of labour and capital between countries, economic blocs and economic integration and global income inequality vs. equity