Introduction to Department:

‘The purpose of studying economics is not to acquire a set of ready-made answers to economic questions, but to learn how to avoid being deceived by economists.’  

(Joan Robinson) 

 

The intent of the offered A Level course is to have an ambitious and inclusive curriculum, that empowers our students to become life-long learners and successful global citizens. Students will be introduced to the nature of economics and how markets work and fail, as well as the role of government and the UK economy. In the second year, students will explore how businesses grow and compete, examine the labour market and analyse how the government intervenes to make markets work better. Students will also explore international trade, inequality within and between countries, emerging and developing economies and public finances. Students will also have an opportunity to consider the role and impact of the financial sector on individuals and businesses. Through a well-sequenced curriculum, students will embed knowledge and skills that are both challenging and functional. 

The curriculum is designed to cultivate a rich subject specific vocabulary, enabling our students to think and write like an Economist. Students are taught disciplinary literacy in an explicit manner, so as to further develop the essential critical thinking skills required for high grades in this subject. 

Students develop their knowledge of key themes to help aid their understanding of the world today, discussing the impact of real-life events such as the economics crash in 2008, Brexit, Covid and the current cost of living crisis.  We teach students to take a critical and analytical approach to viewing data and information so that they can make informed decisions. Students are actively encouraged to debate the impact of externalities, wage differentials, inequality in wealth distribution, the impact of government intervention, the moral obligations of multi-nationals.

Results & Achievements:

More than 35% of learners go on to study a degree in either Economics, Business and / or Finance and the staff provide bespoke advice on which Universities and courses would be most appropriate. For those students who choose a degree-apprenticeship pathway the school has a relatively small but growing cadre of Economics and Business Alumni who are currently employed at the following businesses: JP Morgan, PWC, Deloitte, HSBC, EY, Amazon and KPMG. Many of these former pupils offer their insight and advice to help learners with applications.  

Extra- and super-curricular:

Students at KS5 run the Economics and Business Society. The Department also arranges ad hoc meetings with outside speakers based on specific curriculum requirements such as Senior Economists at The Bank of England. They are also encouraged to enter an ever-growing selection of essay writing competitions, including those for the Institute of Economic Affairs, The John Locke Society and various ‘College’ competitions from Oxford and Cambridge. More recently a student won the Fitzwilliam College, Cambridge, essay writing prize. 

Recommended reading list:

Key-Stage 5 Reading List: 

• 23 Things They Don't Tell You About Capitalism - Ha-Joon Chang: challenges conventional economic thinking. 
• Grave New World – Stephen King: former Head of Economics at HSBC looks at deglobalisation. 
• Great Economists – Linda Yueh: perspectives on contemporary economic issues. 
• Thinking Fast and Slow – Kahneman: the epic on psychology and economics. 
• Doughnut Economics – Kate Raworth: a new approach to how we think about Economics 
• The Undoing Project – Michael Lewis: tracks the birth of Behavioural Economics. 
• The Undercover Economist – Tim Harford: Economic fundamentals explained. 
• The Undercover Economist Strikes Back – Tim Harford: macroeconomic fundamentals explained. 
• Follow the Money – Paul Johnson from the IFS: how political expediency diverges from economic good sense. 

Learning by Key Stage

KS5 

Pupils follow the Edexcel course which has four distinct ‘Themes’ and pupils are typically taught by one and sometimes two teachers at Key-Stage 5. Economics A-level specification.  

Theme 1 — Markets and Market Failure 

• Supply, demand, and price mechanism 
• Elasticity and consumer behaviour 
• Market efficiency and market failure 
• Government intervention 

Theme 2 — The UK Economy 

• Macroeconomic performance (growth, inflation, unemployment, BoP) 
• Aggregate demand and supply 
• Economic cycles and national income 
• Fiscal, monetary, and supply-side policy 

Theme 3 — Business Behaviour and Labour Markets 

• Firm objectives, costs, and revenues 
• Market structures and competition 
• Pricing and market power 
• Labour market wages and intervention 

Theme 4 — A Global Perspective 

• International trade and protectionism 
• Exchange rates and balance of payments 
• Globalisation and competitiveness 
• Development and inequality 

Students are actively encouraged to raise their aspirations such that they are able to make informed decisions about their future. Pupils also learn about educational and skill requirements for professions such as Policy Makers, Economists, Data and Financial analysts. Many students go on to study degrees in Economics at prestigious institutions including but not limited to: Oxford, Cambridge, Durham Warwick and LSE. 

 

Pupils are also encouraged to build upon their curiosity and enthusiasm of this subject through the reading of current affairs. This fundamental practice is key to academic success as it enables students to apply their knowledge to real-world situations and further understand the course they are studying.  Due to the very dynamic nature of Economics and the splintering of how media is now produced,  the department has created a Virtual Learning Environment based on the Teams application, which pupils are encouraged to engage with for reading-around-the-subject (RATS) and other curriculum materials. 

Staff

Head of Department:  Mr. Andy Kerr ajk@bishopwordsworths.org.uk 

Teachers: 

• Ms. Jessica Barber - jcb@bishopwordsworths.org.uk