YEAR 13 ECONOMICS COURSE SYLLABUS
Course Outline
Overview
The AS 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 students develop their understanding of the basic economic problem of scarcity and choice, and why this arises. This section also introduces the key fundamental economic ideas and principles which will underpin learning throughout the rest of the course. In particular, basic economic concepts and their links to the key concept Scarcity and choice are examined in detail.
Cambridge International Curriculum Standards
- To define scarcity, choice, and opportunity cost
- To explain the difference between positive and normative statements
- To explain the factors of production
- To analyse resource allocation in different economic systems and issues of transition
- To define and explain production possibility curves
- Define money and discuss its roles and functions
- To explain classification of goods and services
Unit 2 The price system and the micro economy
Approximate length: 3 weeks
This unit covers the theory of supply and demand and how it is used to determine market equilibrium levels of price and output are fundamental requirements for understanding and applying economic knowledge throughout the curriculum and in real-life practice. This section provides a basic platform from which learners are able to analyse and evaluate a variety of alternative market situations.
Cambridge International Curriculum Standards
- To explain Demand and supply curves
- To explain the Price elasticity, income elasticity and cross-elasticities of demand
- Define Price elasticity of supply
- To draw and interpret the Interaction of demand and supply
- To Explain market equilibrium and disequilibrium
- To draw, interpret and explain Consumer and producer surplus
Unit 3 Government microeconomic intervention
Approximate length: 3 weeks
This topic builds upon the market analysis developed in section 2 (The price system and the micro economy). The emphasis is on government intervention in the market and learners will be given opportunities to apply theory introduced in section 2 (The price system and the micro economy).
Cambridge International Curriculum Standards
- To define and explain maximum and minimum prices
- define Taxes and discuss the use of different types of taxes imposed by the government (direct and indirect)
- Define and explain subsidies and discuss how government aid the producers in increasing production.
- Explain transfer payments
- Discuss the use of direct provision of goods and services
- Differentiate between nationalization and privatization
Unit 4 The macro economy
Approximate length: 4 weeks
This unit introduces learners to the study of the economy as a whole, rather than focusing upon the behaviour of particular markets. It develops knowledge and understanding of key macroeconomic indicators such as inflation, balance of payments and exchange rates and enables learners to apply this understanding to analyse and evaluate aggregate economic behaviour in a range of different economic settings.
Cambridge International Curriculum Standards
- To explain Aggregate Demand and Aggregate Supply analysis
- Define and explain Inflation
- Explain the importance of drawing a Balance of payments account for the country
- Define Exchange rates and discuss how it can have impact on the economy.
- The terms of trade
- Principles of absolute and comparative advantage
- Protectionism
General teaching methodologies will include Online and Face to Face (Blended) learning, Face to face students will be in class while online learners will log in remotely and follow the instructor, who will have the laptop camera facing the smartboard. Teaching will be done using a combination of writing and illustrating on the smartboard and PowerPoint presentations. This should include a combination of oral and visual methods to differentiate instruction modes to cater to student preferences effectively.
Use of Phoenix to allocate differentiated activities catering to varying learning abilities of the students – these online activities will include quizzes, assignments, research-based projects, digital group activities and formative tests.
Feedback to students will be given through the Gems Phoenix platform. Feedback will include rubrics, teacher, and peer marking.
Questions from students – time allocated to allow students the opportunity to ask questions and give written and oral feedback through digital platforms.
