GRADE 12 / YEAR 13 ECONOMICS COURSE SYLLABUS 2020-2021

Course Outline

Overview

The A2 Economics Syllabus at GEMS Wesgreen International Secondary School aims to provide a thorough knowledge and understanding of the subject and help to develop the skills students need for their next steps in education or employment.

Learning Outcomes 

The aims are to enable students to develop:

  • an understanding of the factual knowledge of economics
  • a facility for self-expression, not only in writing but also in using additional aids, such as statistics and diagrams, where appropriate
  • the habit of using works of reference as sources of data specific to economics
  • the habit of reading critically to gain information about the changing economy we live in
  • an appreciation of the methods of study used by the economist, and of the most effective ways economic data may be analyzed, correlated, discussed, and presented.

Unit Overviews

Term 1 

Unit 1 Basic economic ideas and resource allocation                Approximate length: 3 weeks

In this unit the learners will develop their understanding of the efficiency of resource allocation and the reasons for the existence of externalities in an economy (both positive and negative), market failure and inefficient resource allocation. This section then goes on to look at the distinction between social costs and social benefits and finally on how to use cost-benefit analysis in the overall decision-making process. As the title of this section indicates, these basic economic ideas are crucial, and it is important that learners understand that this is core knowledge that they will need to retain and use throughout year. These ‘basic’ ideas will contribute enormously not only to learners’ knowledge, but also to their appreciation and understanding of real-world practice.

Cambridge International Curriculum Standards

  • To explain and differentiate between productive and allocative efficiency
  • To identify the various reasons for market failure
  • Discuss the positive and negative externalities for both consumers and firms
  • Analyze the effects of Inefficient resource allocation

Unit 2 The price system and the micro economy                     Approximate length: 7 weeks

In this Unit the learners will develop their understanding of the law of diminishing marginal utility, indifference curves and budget lines, cost revenue and profit, different market structures, the growth of firms, continued survival of small firms and the differing possible objectives of a firm. This material covers a few important microeconomic concepts, contributing enormously not only to learners’ knowledge, but also to their appreciation and understanding of real-world practice.

Cambridge International Curriculum Standards

  • To discuss the limitations of marginal utility theory, rational behavior versus behavioral economic models
  • To explain the difference between income, substitution, and price effects for various types of goods
  • To explain the different types of cost, revenue and profit, short-run, and long-run production
  • To identify the different market structures
  • Discuss the various Business objectives, Growth, and survival of firms

Unit 3 Government microeconomic intervention                     Approximate length: 3 weeks

In this Unit, students will develop their understanding of government policies to achieve efficient resource allocation and correct market failure, the concept of equity and the policies towards income and wealth redistribution that result, the need for and types of labor market intervention and why failure in microeconomic intervention occurs. This material covers several very important concepts in microeconomics, contributing enormously not only to learners’ knowledge, but also to their appreciation and understanding of real-world practice.

Cambridge International Curriculum Standards

  • To discuss on various policies to achieve efficient resource allocation and correct market failure
  • Explain and analyze the policies towards income and wealth redistribution
  • Discuss on Labor market forces and government intervention
  • Discuss on the reasons for Government failure in microeconomic intervention

Term 2

Programme of Study

Term 3

Mock Examinations and Study Leave for CIE (External Examinations)

Assessment

Formative: Throughout the units, students will complete graded work, quizzes, class work and homework assignments based on topical past papers to complete revision. Which allows the teacher to assess the students’ attainment and inform their planning by diagnostic marking. 

Next Steps

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