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Guru Nanak Sikh Academy
Key Stage 5 Curriculum Overview
Key Stage 5
Big Picture
Autumn 1 Autumn 2 Spring 1 Spring 2 Summer 1 Summer 2
Year 12 This section of the specification is primarily about
microeconomics. Students will be required to acquire
knowledge and understanding of a selection of microeconomic
models and to apply these to current problems and issues.
Microeconomic models such as demand and supply, the
operation of the price mechanism and causes of market failure
are central to this part of the specification.
Students should be provided with opportunities to use these
models to explore current economic behaviour. When applying
and evaluating all the microeconomic models in the
specification, such as supply and demand theory and
production possibility curves, students should be critically
aware of the assumptions upon which these models are based
and their limitations when they are used to make sense of real
world phenomena.
Students should be able to apply their knowledge and skills to
a wide variety of situations and to different markets and
examples of market failure, including environmental market
failures. They should appreciate that economic decisions
relating to individual markets may be affected by developments
in the macroeconomy.
This section of the specification is primarily about
macroeconomics. However, students should understand that
microeconomic principles underpin the behaviour of the
macroeconomy. Understanding some aspects of
macroeconomic behaviour requires that students have a firm
grasp of related microeconomic principles, for example,
understanding of price elasticity of demand is essential when
analysing the extent to which a fall in the exchange rate will
lead to an increase in exports.
Students will be required to acquire knowledge and
understanding of AD/AS analysis and should be provided with
opportunities to use this analysis to explore recent and current
economic behaviour. They should understand, and be able to
analyse and evaluate, macroeconomic policy.
When applying and evaluating all the macroeconomic models
in the specification, such as the circular flow of income and the
multiplier process, students should be critically aware of the
assumptions upon which these models are based and their
limitations when investigating macroeconomic and global
issues.
Students should have a good knowledge of developments in
the UK economy and government policies over the past fifteen
years. They should also be aware that the performance of the
United Kingdom economy is influenced by external events in
the international economy.
Year 13 Students will be required to acquire knowledge and
understanding of a selection of microeconomic models and to
apply these to current problems and issues. Microeconomic
models such as demand and supply, perfect competition,
monopoly, the operation of the price mechanism and the
causes of market failure are central to this part of the
specification.
Students will need to demonstrate a realistic understanding of
the decisions made by firms and how their behaviour can be
affected by the structure and characteristics of the industry in
which they operate. Other key models relate to the operation of
labour markets, wage determination and causes of inequalities
in the distribution of income and wealth.
Students will be expected to understand that traditional
economic theory generally assumes that economic agents act
rationally but they should also be introduced to models that
recognise that consumer and firms’ behaviour is often
governed by more complex influences.
During their course of study, students should be provided with
opportunities to use economic models to explore current
economic behaviour. They should be able to apply their
knowledge and skills to a wide variety of situations and to
different markets and examples of market failure, including
environmental and labour market failures. They should
appreciate and be able to assess the impact that
developments in the European Union and in the global
economy have upon microeconomic behaviour and
performance.
This section of the specification is primarily about
macroeconomics. However, students should understand that
microeconomic principles underpin the behaviour of the
macroeconomy. Understanding some aspects of
macroeconomic behaviour requires that students have a firm
grasp of related microeconomic principles, for example,
understanding of price elasticity of demand is essential when
analysing the impact of changes in the exchange rate on an
economy.
Students should have a good knowledge of developments in
the UK economy and government policies over the past fifteen
years. They should also be aware of developments in the world
economy, including the European Union, and how these have
affected the UK. They are not required to have specific
knowledge of economic developments in any individual
country, other than the UK, but if this is needed, relevant data
will be presented to students.
Students should recognise that there are a number of models
demonstrating how the macroeconomy works and should
appreciate that different economic models provide insights into
different aspects of the behaviour of the macroeconomy. When
using these models students should be critically aware of the
assumptions upon which they are based and their limitations
when they are used to make sense of real world phenomena.
Furthermore, they should be prepared to propose, analyse and
evaluate possible solutions to macroeconomic problems. They
will be required to assess the impact and effectiveness of
current government policies to deal with these problems, as
well as considering alternative policies and approaches.