Economics
Economics is offered as an A level at Lutterworth College. The intention is that by studying Economics, students will develop an interest in and enthusiasm for the subject and gain an understanding of how Economics plays a fundamental part in everyone’s lives. Throughout the course they will use an enquiring, critical and thoughtful approach to their studies and develop an ability to think as an economist. They will develop analytical and quantitative skills, together with qualities and attitudes which will equip them for the challenges, opportunities and responsibilities of adult and working life.
Embedded across the Economics curriculum are Lutterworth College’s Be CHRIST values, with a multitude of opportunities for students to develop in these areas. Students are able to demonstrate these values at various points in the curriculum in the following ways:
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Being Courageous – learning complex and unfamiliar new content, models and techniques. Economics is a challenging subject and students are courageous in taking on this subject as an A Level.
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Being Hard working – in their preparation for academic assessment and examinations. Extensive study outside the classroom is encouraged and hugely beneficial.
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Being Reflective – understanding the role of evidence in economic decision making but appreciating the importance of value judgements in their own work and in economic settings. Reflecting on government decisions and how these decisions affect all of us.
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Being Inspirational – being prepared to challenge examples of economic and societal inequalities and using their knowledge to inform their own behaviour now and in the future as consumers and when making career choices. Not being afraid to the challenge their own pre-conceptions.
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Being Supportive – of each other in group work, presentations and projects – looking at positive and negative externalities arising from their own and others’ behaviour.
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Being Tenacious – students will acquire a good knowledge of trends and developments in the economy which have taken place over the past fifteen years, and also have an awareness of earlier events where this helps to give recent developments a longer-term perspective.
Key Stage 5
In Year 12, students will study microeconomics: the operation of markets and market failure and macroeconomics: the national economy of the UK. In Year 13 they further develop their understanding and skills in microeconomics: individuals, firms, markets and market failure and in macroeconomics: the national and international economy. This is a rigorous academic course which is assessed by external examination. It is widely recognised by universities and employers and provides students with an excellent foundation for further studies and their careers.
An example of work in Economics includes:
Knowledge: The causes of globalisation. The main characteristics of globalisation, including the role of national governments, protectionist policies, the balance of trade and exchange rates.
Understanding: The consequences of globalisation for less-developed and for more-developed countries. The role of multinational corporations in globalisation.
Skills: the ability to construct and interpret tables and standard graphical forms to analyse the impact of globalisation on a firm, national or international economy. Using abstract ideas and concepts such as comparative and absolute advantage to explain the consequences of globalisation on international economies.
Evaluate: Be able to analyse and choose from a range of government options in response to an economic problem.