Year 11 Economics

OREL VINE SCHOOL

ECONOMICS DEPARTMENT

OVERVIEW OF KS4

The aims below describe the educational purposes of a course in economics for the Cambridge IGCSE

Exam.

The aims are to:

1    develop candidates’ knowledge and understanding of economic terminology, principles and theories

2    develop candidates’ basic economic numeracy and literacy and their ability to handle simple data including

graphs and diagrams

3    develop candidates’ ability to use the tools of economic analysis in particular situations

4    show candidates how to identify and discriminate between differing sources of information and how to distinguish between facts and value judgements in economic issues

TERM 1 2021/2022 TOPIC OVERVIEW 

• Government and the macroeconomy

Governments are an essential part of the macroeconomy. This section of the syllabus looks at the role of the government, at a local, national and international level. Governments have five macroeconomic aims: namely to achieve economic growth, full employment/ low unemployment, stable prices/low inflation, balance of payments stability and a fairer distribution of income. However, these aims often conflict with each other. Hence, Section 4 of the syllabus looks at the criteria that governments use when deciding their aims. To achieve their aims, governments use a range of macroeconomic policies, including fiscal policy, monetary policy and supply-side policies.

• Economic development                                                  

This section of the syllabus explores the important concept of economic development, in the pursuit of improved standards of living. Indicators of living standards are examined, namely real GDP per capita and the Human Development Index (HDI). As an economy develops, there are variations in the size and composition of its population. The causes of poverty are studied together with economic policies to alleviate it and to redistribute income. Finally, there is an examination of the reasons for the differences in economic development between countries, such as: population growth; the relative size of the primary, secondary and tertiary sectors; levels of saving and investment; education; and healthcare.