GCSE Economics

Ashbourne students examine everyday events and activities and discuss how and why they are shaped by economics. This helps them see the practical impact of economics and enables them to develop a theoretical understanding of the subject too. They are encouraged to keep up to date with current affairs to provide depth to their studies and are given plenty of exam practice to help them achieve better results.

Over the course students become more adept at analysing the world around them, articulating their own views and building the skills to make better decisions for themselves.

Why study Economics?

Whether you have just bought a Gucci bag for half price, received ‘free’ healthcare from the NHS, borrowed £10 off your friend for lunch or have just launched your own app that will make you a millionaire, you are part of the global economic system.

Studying Economics will help you understand why prices fluctuate, where your taxes go, how government legislation can push people to change their spending habits (or not), why some companies dominate their market, how global or societal changes like climate change and ageing can have an impact on a country’s economy, why people fight for resources and why certain economies grow faster than others.

You will also learn how to analyse complex issues, create strategies, monitor the political climate, understand commercial incentives, problem solve, interpret statistics and data, explain your ideas clearly and be ready for any eventuality – all highly desirable and transferable skills.

Which syllabus do we follow?

Ashbourne follows the OCR specification for GCSE Economics.

What is covered in this course?

Students will be introduced to major terms, concepts and players in economics, begin to explore the role of markets and money, examine economic objectives and the role of government, and take a look at international trade and the global economy.

IntroductionMarkets and moneyEconomic objectives and governmentInternational trade and the global economy
Introduction to Economics
Students are introduced to the main economic groups (consumers, producers and government), how they interact and how they engage with and have an impact on the economy. They explore the factors of production (land, labour, capital and enterprise) and examine how they might be combined. They look at the problem of scarce resources and question how resources should be allocated and how goods and services should be produced, and for whom. They will look at the costs and benefits of economic choices, in a variety of contexts, and consider the moral, ethical and sustainability consequences.
Students examine the role of markets and how they work in terms of supply and demand, price, competition, production, labour and the role of money and financial markets.
Students study economic growth (how it’s measured; factors affecting growth like investment, resources and policy; impact on society, the environment and sustainability), low unemployment (what it means; how it’s measured; historical comparisons; types; causes and consequences), fair distribution of income (types of income and difference between income and wealth; calculating income and wealth; causes and consequences of income and wealth distribution difference for the economy).

Student will also learn about price stability (stability and inflation, real and nominal; Consumer Price Index; impact of inflation on goods; historical trends; causes and consequences for consumers, producers, savers and government), fiscal policy (purpose and sources, including taxes, of government spending; budget, surplus and deficit; using fiscal policy to achieve economic goals; how taxes and spending affect the economy; costs and consequences of achieving goals and redistributing income and wealth), monetary policy (what it is; how it affects growth, employment and price stability; impact on consumer spending, borrowing, saving and investment), supply side policies (what it is, how and whether it works), limitation of markets (positive and negative externalities; government taxes, subsidies, state provision, legislation and regulation and information provision; use, impact and evaluation of government policies).

Students learn about the importance of international trade (why countries import and export goods and services; free trade agreements), balance of payments (balances, surplus, deficit; historical trends; impact on the national economy), exchange rates (supply and demand; currency conversions; impact of changes on consumers and producers), globalisation (driving factors; measurement including life expectancy, health care and education; costs and benefits including impact on economic, social and environmental sustainability; impact on less developed countries).

Who teaches this course?

Stefania Spinu

MA Economic Policy and Analysis, Economics of Sustainable Development (University of Nantes, France); BA Economics (University of Bucharest ASE); PGCE Economics (Institute of Education, UCL)

Stefania specialises in economic analysis and environmental and sustainable economics. She was also an Edexcel examiner for Economics at GCSE and A level.

Stefania loves painting and clay modelling, music, cinema and aquariums.

Why Choose Ashbourne College?
StudentsParentsTeachers
I was drawn to apply to Ashbourne at first based on their phenomenal reputation in the UK, but the reality far exceeded my expectations… No single teacher had the same approach to teaching a subject, which was much more refreshing than the standard lecture & questions approach. From team quizzes during revision period, to weekly workbooks matching the syllabus – the organisation and creativity of my tutors really helped the content stick in my head, which made revision easier when exams came around. My personal tutor was extremely supportive throughout my UCAS application. He would reply emails near instantly if I had any questions, be on hand for regular support when I needed it and loaned me materials to read directly related to my chosen course – Law. Albeit slightly frustrating with the constant tweaking required to my personal statement every week, this was more of a fine tuning process as he would not stop until he knew my personal statement was as perfect as it could be, and I am very grateful for his determination! The hard work and determination required of you at Ashbourne really set me up for life at university as I knew what I had to do to stay ahead and still even applied revision tactics and tips from Ashbourne tutors to my final year of my law degree
NatashaLaw at Queen Mary (University of London); Legal Practice Course (LPC) at BPP Law School
Academic excellence in a relaxed atmosphere! Small classes means that the teachers are able to give the students the dedicated attention that they need not only to succeed but also to understand the material taught.This is a nurturing institution that equips students with all the tools they need in future. I would certainly recommend this school to anyone – but saying this I do not want Ashbourne to lose the close knit family relationship that my daughter enjoys with faculty staff, teachers and students. So I want this to remain as a closely guarded secret!!
Ashbourne is a wonderful place to teach and an even better place to study. The staff treat the students as adults and the mutual respect results in a relaxed university approach to study. Teaching classes that only have a max of 10 allows for individual tuition and greater differentiation within the groups helping the students grow in confidence and develop a love for their subjects. I really like the fact that students are encouraged to refer to their tutors by their first name and feel that this breaks down tutor/student boundaries and means that the students are confident in asking for help. Brilliant students, brilliant tutors, great place to work
Rachel TeasdaleFormer Head of GCSE and Biology Teacher
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