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 the best 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
Classes at Ashbourne work identically to my tutorials at university; the tutors are as approachable and knowledgeable as any of my lecturers; and the emphasis on private study to reinforce the day’s teaching is exactly what is expected when studying at a higher level. Ashbourne prepared me for all the academic challenges that university provides
ArikPhilosophy and Mathematics at University of Edinburgh
Gained responsibility and independence and has a mature approach to their studies
Since starting work at Ashbourne in September, I was impressed by the amazing sense of community. The students’ combat differences in culture, age and circumstance to form fantastic relationships, and are strongly aided in the support and friendship from teaching and admin staff. Students are always given the attention they deserve, and these factors create a unique atmosphere for successful learning.
Hannah MartinFormer College Administrator and Welfare Officer
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