Page 9 - Kingham Hill School GCSE prospectus

Course Catalogue A - Z

Economics

(Edexcel iGCSE 4EC1)

Economics is a subject that looks at individual markets, business operations, national and global
economies, and government intervention. It highlights the theory behind a world of transactions
and decision-making, allowing pupils to understand and evaluate the potential applications to the
world around them.

Economics suits an analytical thinker who can make connections between theoretical ideas and
the real world. As a new subject, there is a large knowledge base to work through and therefore
almost every element of the course will be about topics which are not covered in other subjects. If
pupils are comfortable with learning a lot of new theoretical information and applying it to the real
world, then this will be an interesting and stimulating course.

Units of study and examination criteria:

Pupils will study two sides of the course -

Microeconomics – The course starts with the basics of economics including how people behave
and how the market allocates resources through demand and supply. It also covers business
decision making and the effects of dominant firms on consumers, the labour market and the
government.

Macroeconomics – The national economy is an important indicator of international competitiveness
and therefore governments aim to control their individual economies through a number of methods.
Pupils look at four main macroeconomic objectives; economic growth, inflation, unemployment and
the balance of trade.

The course is examined through two examinations lasting 1 hour and 30 minutes long each.

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