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Economics

Economics

Studying Economics is useful!

Are you confused by questions such as:

  • Why are interest rates so low?
  • Is it better to collect taxes through VAT or on income?  
  • How about Brexit – what does that mean for the economy?  
  • Why do we have a ‘productivity puzzle’ in the UK?   

All these questions come up in the news and if we understand the economic language and that is used and the economic principles that the government and businesses make decisions by, we can have an informed opinion.

Economics at Francis Holland

We have an excellent bank of printed and online resources covering both years of the linear A-level syllabus. There is a wealth of practice material for girls to use in and out of class.  Our pupils’ progress is monitored closely so that they can be given specific feedback on the knowledge and skills they have mastered, and what needs to be revised – diagnostic feedback.  We speak in key terms.  We don’t use the words ‘money’ or ‘people’: costs, profits, revenue, investment, workers, stakeholders, buyers and sellers are much more precise language.  Girls’ folders are in excellent order because they contain dividers that have the syllabus printed on them – a simple but effective technique to check that the file is complete.   We pay attention to ‘meta-learning’ (learning about the process of learning) because each girl will have her preferred learning style.  

Economics is a social science that comes in two ‘flavours’

In macroeconomics, we look at how government policies seek to achieve low unemployment, steady economic growth, price stability, a rise in worker productivity and a balance in the trade with other countries.  These aims are often tricky to achieve because they conflict with each other. That is why the government usually use a different policy for each of these aim. For example, to control inflation, the Bank of England uses Monetary Policy.  To make the economy more productive, we use supply-side policy.  And to try and balance the government budget and collect taxes, we use fiscal policy.

Microeconomics is about the buying and selling of particular goods.  We look at the resources that produce them, investigate how markets arrive at prices and work out whether we should produce on a small or on a large scale to minimise costs.  Then there are all the ways in which markets fail to arrive at a price that correctly reflects the supply and demand for the product.  For example, some goods should be more in demand than they actually are, because they are better or worse for us than we appreciate.  The government can become involved in such markets, for example with the ‘sugar tax’ or by providing free education for all.

Exam board

We use AQA, which is the board with the largest market share and hence very well resourced with books from a range of authors.  The examinations are based on case studies includes a large range of different question styles. They include multiple choice, interpreting economic data, drawing diagrams, explaining economic processes, and evaluating the effectiveness of government policies.

Staff

The Department is run by Mrs. Sibylle Hyde.

Economic Themes Of The Week

What do rising bond yields mean?

Why do countries seek to make trade deals?

Trade and the J-Curve

Creative Destruction

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