Economics

The intent of our Economics curriculum at Harrow High School is to equip students with the necessary knowledge, skills, and understanding to see how economic choices made by individuals, companies and governments affect the UK and the rest of the world. They will learn about the UK economy, government policies and economic situations and be able to appreciate the contribution of economics to
current affairs.

Our curriculum is designed to:

develop critical thinking and analytical skills, enabling students to evaluate information and arguments effectively, particularly in real-world contexts.
promote students’ understanding of fundamental economic concepts such as scarcity, opportunity cost, supply and demand, market failure, and government interventions.
connect theoretical knowledge to practice by examining contemporary issues like inflation, unemployment, and economic policy responses, thereby encouraging students to become better-informed members of society.
instil real enthusiasm about economic phenomena, encouraging students to pose questions and seek evidence-based answers.

Curriculum sequencing rationale for GCSE Economics

The curriculum is sequenced logically, ensuring foundational concepts are thoroughly understood before progressing to complex topics. Units are explored through both a theoretical and practical lens, ensuring students grasp the relevance of economics in their everyday lives.

Year 10: Units covered

Unit 1: Introduction to Economics

Unit 2: The Role of Markets and Money

Start Unit 3: Economic Objectives and the Role of Government

Economic growth
Employment and unemployment

Starting with Unit 1 Introduction to Economics, students learn the core concepts of microeconomics, including scarcity, choice, and opportunity cost. This unit equips students with the fundamental tools to think like economists.

Building on the basics, Unit 2 delves into how markets operate. Students learn about the mechanisms of demand and supply, price determination, and the significance of money and financial institutions. This unit enhances their understanding of how resources are allocated in a market economy.

Beginning Unit 3 in Year 10 allows students to start exploring macroeconomic concepts. Macroeconomics deals with broader economic phenomena like inflation, unemployment, economic growth, and fiscal and monetary policies. These topics inherently require an understanding of how individual and firm behaviours aggregate to influence the entire economy.

Introduction to Economics

Year 10 Autumn Term 1
Skills	AO1 (knowledge) – Demonstrate knowledge and understanding of theoretical concepts and contemporary issues. AO2 (application)– Apply knowledge and understanding of economic concepts to various contexts. AO3 (analysis and evaluation) – Analyse and evaluate economic issues to demonstrate understanding of economic behaviour. Learners will make informed judgements using data and will consider the possible limitations of evidence. Quantitative skills – Learners will confidently apply and interpret numerical data and perform calculations. Debating skills - learners will participate in economic debates and engage with diverse perspectives to refine analytical skills.
Knowledge	1.1 Main economic groups and factors of production explain the role of the main economic groups: consumers, producers and the government, including their interdependence explain the factors of production: land, labour, capital and enterprise, including how they might be combined 1.2 The basic economic problem explain what is meant by scarce resources and unlimited wants explain the economic problem, including the questions of how resources should be allocated, what, for whom and how goods and services should be produced explain what is meant by opportunity cost evaluate the costs and benefits of economic choices, including the impact on economic, social and environmental sustainability 2.1 The role of markets explain what is meant by a market explain the features of the primary, secondary and tertiary sectors, including the difference between the production of products and services explain the difference between factor and product markets, including their interdependence evaluate the costs and benefits of specialisation and exchange in markets including for producers, workers, regions and countries
Rationale	Topic 1.1 introduces learners to how economic agents—consumers, producers, and the government—interact, which forms the core of microeconomic analysis. No agent acts in isolation; consumers’ choices impact producers, and governments influence these interactions through policy. Understanding this interdependence is essential for analysing agent behaviour and responses to market issues. Learners will explore resource allocation through the factors of production, a foundation for understanding scarcity (1.2). Scarcity arises from unlimited wants and limited resources, requiring choices and leading to opportunity costs. Moral, social, economic, and environmental sustainability issues also shape economic decisions. A key question is how independent decisions by consumers, producers, and firms align across society. Understanding markets (2.1) reveals how prices for goods, labour (wages), and money (interest rates) are set. Markets coordinate decisions and may involve state intervention, market forces, or a blend. Prices guide firms on what goods to produce by reflecting consumer demand. The concept of division of labour, as introduced by Adam Smith, shows that breaking down tasks can greatly increase productivity. Learners will consider the benefits and drawbacks of labour division and specialisation, extending this to understand why certain countries are better suited for specific production—leading to the study of international trade (4.1) in year 2.

Year 10 Autumn Term 1

Skills

AO1 (knowledge) – Demonstrate knowledge and understanding of theoretical concepts and contemporary issues.
AO2 (application)– Apply knowledge and understanding of economic concepts to various contexts.
AO3 (analysis and evaluation) – Analyse and evaluate economic issues to demonstrate understanding of economic behaviour. Learners will make informed judgements using data and will consider the possible limitations of evidence.
Quantitative skills – Learners will confidently apply and interpret numerical data and perform calculations.
Debating skills - learners will participate in economic debates and engage with diverse perspectives to refine analytical skills.

Knowledge

1.1 Main economic groups and factors of production

explain the role of the main economic groups: consumers, producers and the government, including their interdependence
explain the factors of production: land, labour, capital and enterprise, including how they might be combined

1.2 The basic economic problem

explain what is meant by scarce resources and unlimited wants
explain the economic problem, including the questions of how resources should be allocated, what, for whom and how goods and services should be produced
explain what is meant by opportunity cost
evaluate the costs and benefits of economic choices, including the impact on economic, social and environmental sustainability

2.1 The role of markets

explain what is meant by a market
explain the features of the primary, secondary and tertiary sectors, including the difference between the production of products and services
explain the difference between factor and product markets, including their interdependence
evaluate the costs and benefits of specialisation and exchange in markets including for producers, workers, regions and countries

Rationale

Topic 1.1 introduces learners to how economic agents—consumers, producers, and the government—interact, which forms the core of microeconomic analysis. No agent acts in isolation; consumers’ choices impact producers, and governments influence these interactions through policy. Understanding this interdependence is essential for analysing agent behaviour and responses to market issues.

Learners will explore resource allocation through the factors of production, a foundation for understanding scarcity (1.2). Scarcity arises from unlimited wants and limited resources, requiring choices and leading to opportunity costs. Moral, social, economic, and environmental sustainability issues also shape economic decisions.

A key question is how independent decisions by consumers, producers, and firms align across society. Understanding markets (2.1) reveals how prices for goods, labour (wages), and money (interest rates) are set. Markets coordinate decisions and may involve state intervention, market forces, or a blend. Prices guide firms on what goods to produce by reflecting consumer demand.

The concept of division of labour, as introduced by Adam Smith, shows that breaking down tasks can greatly increase productivity. Learners will consider the benefits and drawbacks of labour division and specialisation, extending this to understand why certain countries are better suited for specific production—leading to the study of international trade (4.1) in year 2.

Supply & DEMAND

Year 10 Autumn Term 2
Skills	AO1 (knowledge) – Demonstrate knowledge and understanding of theoretical concepts and contemporary issues. AO2 (application)– Apply knowledge and understanding of economic concepts to various contexts. AO3 (analysis and evaluation) – Analyse and evaluate economic issues to demonstrate understanding of economic behaviour. Learners will make informed judgements using data and will consider the possible limitations of evidence. Quantitative skills – Learners will confidently apply and interpret numerical data and perform calculations. Debating skills - learners will participate in economic debates and engage with diverse perspectives to refine analytical skills.
Knowledge	2.2 Demand explain what is meant by demand draw and explain a demand curve using data, including individual and market demand draw shifts of, and movements along, the demand curve analyse the causes and consequences for consumers and producers, of shifts of, and movements along, the demand curve explain price elasticity of demand draw demand curves of different elasticity evaluate the importance of price elasticity of demand for consumers and producers 2.3 Supply explain what is meant by supply draw and explain a supply curve using data, including individual and market supply draw shifts of, and movements along, the supply curve analyse the causes and consequences for consumers and producers, of shifts of, and movements along, the supply curve explain price elasticity of supply draw supply curves of different elasticity evaluate the importance of price elasticity of supply for consumers and producers
Rationale	In Autumn 1, learners studied the roles of economic agents and their decision-making, as well as the types of markets and how they allocate resources. In Autumn 2, learners will dive into demand and supply models—central tools in economics with practical applications explaining price determination. In 2.2, learners will examine the 'law of demand,' focusing on consumer behaviour. They will learn how to derive and interpret the demand curve and analyse how much of a good or service consumers are willing to buy at different prices, providing insights into consumer preferences and guiding production and pricing decisions. The concept of price elasticity of demand (PED) follows demand analysis and explores how consumer demand changes with price fluctuations. Learners will calculate PED, draw and interpret elasticity graphs, and see its applications—firms may use PED to inform pricing, and governments may consider it for tax decisions. After mastering demand, learners will move to supply in 2.3, examining factors that determine the amount sellers are willing to offer. They will understand why the supply curve slopes upward and study the impact of production costs, taxes, subsidies, and price expectations on supply decisions. For example, palm oil producers plan production based on future price expectations due to the time required for trees to mature. Learners will also explore price elasticity of supply (PES) in 2.3, learning to calculate and interpret it. They will study real-world examples like farming and technology to see why some sectors quickly adjust production to price changes while others are slower. Finally, in 2.4, learners will apply demand and supply concepts to understand price determination in factor and product markets.

Price & Competition

Year 10 Spring Term 1
Skills	AO1 (knowledge) – Demonstrate knowledge and understanding of theoretical concepts and contemporary issues. AO2 (application)– Apply knowledge and understanding of economic concepts to various contexts. AO3 (analysis and evaluation) – Analyse and evaluate economic issues to demonstrate understanding of economic behaviour. Learners will make informed judgements using data and will consider the possible limitations of evidence. Quantitative skills – Learners will confidently apply and interpret numerical data and perform calculations. Debating skills - learners will participate in economic debates and engage with diverse perspectives to refine analytical skills.
Knowledge	2.4 Price explain price as a reflection of worth and its role in determining an efficient distribution of resources explain what is meant by equilibrium price and quantity draw and analyse the interaction of demand and supply explain the role of markets in the determination of price and the allocation of resources analyse how the market forces of demand and supply affect equilibrium price and quantity 2.5 Competition explain competition between producers in a market economy, including the reasons why producers compete analyse how competition affects price evaluate the economic impact of competition on producers and consumers explain the meaning of monopoly and oligopoly and how they differ from competitive markets
Rationale	In Autumn 2, learners studied demand and supply and how buyers and sellers interact to determine prices. They will now see real-world applications of the demand and supply model, especially in commodity markets, analysing how global changes affect prices for goods like gold, wheat, and coffee. Learners will also explore the oil market, examining how OPEC and similar cartels can influence prices by restricting free-market dynamics. Housing is another key focus. Learners will apply demand and supply concepts to understand the rise in UK house prices and examine the complexities of the UK rental and owner-occupied housing markets. They will also look at historical housing market bubbles and crashes and have opportunities to research other markets of interest. In 2.5, learners will study competition and its effects on businesses and consumers. Competition often pressures businesses to attract customers and lower prices, though firms may also differentiate their products to stand out. Learners will assess how competition impacts demand and supply, affecting both producers and consumers. Market structures vary significantly across industries. Learners will examine monopolies, where a single firm controls an entire market, as with De Beers in the diamond industry, and understand why monopolies are common in utilities. They will also explore oligopolies, where a few large firms dominate, as in the UK’s telecom and supermarket sectors. A close look at the "big 4" supermarkets in the UK will reveal how these firms use pricing and non-pricing strategies to compete. Learners will compare monopoly, oligopoly, and competitive markets, evaluating their effects on consumers and producers. In Spring 2, learners will shift to 2.6, focusing on production and key concepts for producers: cost, revenue, profit, and loss.

Year 10 Spring Term 1

Skills

AO1 (knowledge) – Demonstrate knowledge and understanding of theoretical concepts and contemporary issues.
AO2 (application)– Apply knowledge and understanding of economic concepts to various contexts.
AO3 (analysis and evaluation) – Analyse and evaluate economic issues to demonstrate understanding of economic behaviour. Learners will make informed judgements using data and will consider the possible limitations of evidence.
Quantitative skills – Learners will confidently apply and interpret numerical data and perform calculations.
Debating skills - learners will participate in economic debates and engage with diverse perspectives to refine analytical skills.

Knowledge

2.4 Price

explain price as a reflection of worth and its role in determining an efficient distribution of resources
explain what is meant by equilibrium price and quantity
draw and analyse the interaction of demand and supply
explain the role of markets in the determination of price and the allocation of resources
analyse how the market forces of demand and supply affect equilibrium price and quantity

2.5 Competition

explain competition between producers in a market economy, including the reasons why producers compete
analyse how competition affects price
evaluate the economic impact of competition on producers and consumers
explain the meaning of monopoly and oligopoly and how they differ from competitive markets

Rationale

In Autumn 2, learners studied demand and supply and how buyers and sellers interact to determine prices.

They will now see real-world applications of the demand and supply model, especially in commodity markets, analysing how global changes affect prices for goods like gold, wheat, and coffee. Learners will also explore the oil market, examining how OPEC and similar cartels can influence prices by restricting free-market dynamics.

Housing is another key focus. Learners will apply demand and supply concepts to understand the rise in UK house prices and examine the complexities of the UK rental and owner-occupied housing markets. They will also look at historical housing market bubbles and crashes and have opportunities to research other markets of interest.

In 2.5, learners will study competition and its effects on businesses and consumers. Competition often pressures businesses to attract customers and lower prices, though firms may also differentiate their products to stand out. Learners will assess how competition impacts demand and supply, affecting both producers and consumers.

Market structures vary significantly across industries. Learners will examine monopolies, where a single firm controls an entire market, as with De Beers in the diamond industry, and understand why monopolies are common in utilities. They will also explore oligopolies, where a few large firms dominate, as in the UK’s telecom and supermarket sectors. A close look at the "big 4" supermarkets in the UK will reveal how these firms use pricing and non-pricing strategies to compete. Learners will compare monopoly, oligopoly, and competitive markets, evaluating their effects on consumers and producers.

In Spring 2, learners will shift to 2.6, focusing on production and key concepts for producers: cost, revenue, profit, and loss.

Production

Year 10 Spring Term 2
Skills	AO1 (knowledge) – Demonstrate knowledge and understanding of theoretical concepts and contemporary issues. AO2 (application)– Apply knowledge and understanding of economic concepts to various contexts. AO3 (analysis and evaluation) – Analyse and evaluate economic issues to demonstrate understanding of economic behaviour. Learners will make informed judgements using data and will consider the possible limitations of evidence. Quantitative skills – Learners will confidently apply and interpret numerical data and perform calculations. Debating skills - learners will participate in economic debates and engage with diverse perspectives to refine analytical skills.
Knowledge	2.6 Production explain the role of producers, including individuals, firms and the government evaluate the importance of production and productivity for the economy calculate and explain total cost, average cost, total revenue, average revenue, profit and loss evaluate the importance of cost, revenue, profit and loss for producers, including how costs and revenues affect profit and supply explain what is meant by economies of scale
Rationale	In 1.1, learners were introduced to the role of producers in combining factors of production to create goods and services. Producers, which can include individuals, firms, or the government, are responsible for supplying output. The primary aim for most producers is profit, achieved by producing efficiently and minimising costs. However, the pursuit of profit invites competition, as new entrants challenge existing firms' profit margins. Building on their understanding of the division of labour, learners will connect this to productivity, a key factor in gaining customers and increasing profitability. They will also touch on macroeconomics in 4.1, exploring the UK's "Productivity Puzzle." In 2.6, learners will refine quantitative skills by studying cost, revenue, profit, and loss. They will work with cost and revenue curves and perform profit and loss calculations, gaining insight into their importance for producers. They will examine real-world examples, observing that firms experience economies of scale up to a certain production level, where average costs are minimised. Learners will explore how firms can reduce costs through internal efficiencies or industry-wide innovations. In Summer 1, learners will move to 2.7 Labour Markets and 2.8 Money and Financial Markets.

Year 10 Spring Term 2

Skills

AO1 (knowledge) – Demonstrate knowledge and understanding of theoretical concepts and contemporary issues.
AO2 (application)– Apply knowledge and understanding of economic concepts to various contexts.
AO3 (analysis and evaluation) – Analyse and evaluate economic issues to demonstrate understanding of economic behaviour. Learners will make informed judgements using data and will consider the possible limitations of evidence.
Quantitative skills – Learners will confidently apply and interpret numerical data and perform calculations.
Debating skills - learners will participate in economic debates and engage with diverse perspectives to refine analytical skills.

Knowledge

2.6 Production

explain the role of producers, including individuals, firms and the government
evaluate the importance of production and productivity for the economy
calculate and explain total cost, average cost, total revenue, average revenue, profit and loss
evaluate the importance of cost, revenue, profit and loss for producers, including how costs and revenues affect profit and supply
explain what is meant by economies of scale

Rationale

In 1.1, learners were introduced to the role of producers in combining factors of production to create goods and services. Producers, which can include individuals, firms, or the government, are responsible for supplying output.

The primary aim for most producers is profit, achieved by producing efficiently and minimising costs. However, the pursuit of profit invites competition, as new entrants challenge existing firms' profit margins.

Building on their understanding of the division of labour, learners will connect this to productivity, a key factor in gaining customers and increasing profitability. They will also touch on macroeconomics in 4.1, exploring the UK's "Productivity Puzzle."

In 2.6, learners will refine quantitative skills by studying cost, revenue, profit, and loss. They will work with cost and revenue curves and perform profit and loss calculations, gaining insight into their importance for producers.

They will examine real-world examples, observing that firms experience economies of scale up to a certain production level, where average costs are minimised. Learners will explore how firms can reduce costs through internal efficiencies or industry-wide innovations.

In Summer 1, learners will move to 2.7 Labour Markets and 2.8 Money and Financial Markets.

The Labour Market & The Role of Money

Year 10 Summer Term 1
Skills	AO1 (knowledge) – Demonstrate knowledge and understanding of theoretical concepts and contemporary issues. AO2 (application)– Apply knowledge and understanding of economic concepts to various contexts. AO3 (analysis and evaluation) – Analyse and evaluate economic issues to demonstrate understanding of economic behaviour. Learners will make informed judgements using data and will consider the possible limitations of evidence. Quantitative skills – Learners will confidently apply and interpret numerical data and perform calculations. Debating skills - learners will participate in economic debates and engage with diverse perspectives to refine analytical skills.
Knowledge	2.7 The Labour Market explain the role and operation of the labour market, including the interaction between workers and employers analyse the determination of wages through supply and demand, including factors affecting the supply and demand of labour explain and calculate gross and net pay, including deductions through income tax, national insurance and pension contributions 2.8 The role of money and financial markets explain the role of money as a medium of exchange explain the role of the financial sector for the economy, including financial institutions such as banks, building societies and insurance companies evaluate the importance of the financial sector for consumers, producers and government analyse how different interest rates affect the levels of saving, borrowing and investment calculate the effect on savings and borrowings of changes in the rate of interest
Rationale	In Summer 1, learners will expand their understanding of demand and supply by applying it to labour markets, shifting focus from product prices to wages in factor markets. Why are Premier League footballers paid more than doctors? Learners will explore how labour markets operate and why pay differences exist across professions. They will revisit “elasticity” from 2.2 and 2.3, applying it to labour to explain how wage changes affect worker supply and demand. Unit 2.7 emphasises financial literacy, with a focus on understanding payslips, income tax, and deductions. This will equip learners with practical skills to confidently interpret their future earnings. In Unit 2.8, learners will delve into money and financial markets, exploring what defines money—whether tangible like cash or digital forms like electronic money and cryptocurrencies. They will examine what gives money its value and consider potential substitutes. Understanding the role of money in facilitating exchange, learners will study various financial institutions, including high street banks, building societies, insurance companies, and the Bank of England. They will explore different interest rates, distinguishing the Bank of England’ “base rate” from higher rates charged by commercial banks, and analyse why these rates matter in the UK economy. In Summer 2, learners will begin Unit 3, turning to macroeconomics.

Year 10 Summer Term 1

Skills

AO1 (knowledge) – Demonstrate knowledge and understanding of theoretical concepts and contemporary issues.
AO2 (application)– Apply knowledge and understanding of economic concepts to various contexts.
AO3 (analysis and evaluation) – Analyse and evaluate economic issues to demonstrate understanding of economic behaviour. Learners will make informed judgements using data and will consider the possible limitations of evidence.
Quantitative skills – Learners will confidently apply and interpret numerical data and perform calculations.
Debating skills - learners will participate in economic debates and engage with diverse perspectives to refine analytical skills.

Knowledge

2.7 The Labour Market

explain the role and operation of the labour market, including the interaction between workers and employers
analyse the determination of wages through supply and demand, including factors affecting the supply and demand of labour
explain and calculate gross and net pay, including deductions through income tax, national insurance and pension contributions

2.8 The role of money and financial markets

explain the role of money as a medium of exchange
explain the role of the financial sector for the economy, including financial institutions such as banks, building societies and insurance companies
evaluate the importance of the financial sector for consumers, producers and government
analyse how different interest rates affect the levels of saving, borrowing and investment
calculate the effect on savings and borrowings of changes in the rate of interest

Rationale

In Summer 1, learners will expand their understanding of demand and supply by applying it to labour markets, shifting focus from product prices to wages in factor markets.

Why are Premier League footballers paid more than doctors? Learners will explore how labour markets operate and why pay differences exist across professions. They will revisit “elasticity” from 2.2 and 2.3, applying it to labour to explain how wage changes affect worker supply and demand.

Unit 2.7 emphasises financial literacy, with a focus on understanding payslips, income tax, and deductions. This will equip learners with practical skills to confidently interpret their future earnings.

In Unit 2.8, learners will delve into money and financial markets, exploring what defines money—whether tangible like cash or digital forms like electronic money and cryptocurrencies. They will examine what gives money its value and consider potential substitutes.

Understanding the role of money in facilitating exchange, learners will study various financial institutions, including high street banks, building societies, insurance companies, and the Bank of England.

They will explore different interest rates, distinguishing the Bank of England’ “base rate” from higher rates charged by commercial banks, and analyse why these rates matter in the UK economy.

In Summer 2, learners will begin Unit 3, turning to macroeconomics.

Economic Growth & Low Unemployment

Year 10 Summer Term 2
Skills	AO1 (knowledge) – Demonstrate knowledge and understanding of theoretical concepts and contemporary issues. AO2 (application)– Apply knowledge and understanding of economic concepts to various contexts. AO3 (analysis and evaluation) – Analyse and evaluate economic issues to demonstrate understanding of economic behaviour. Learners will make informed judgements using data and will consider the possible limitations of evidence. Quantitative skills – Learners will confidently apply and interpret numerical data and perform calculations. Debating skills - learners will participate in economic debates and engage with diverse perspectives to refine analytical skills.
Knowledge	3.1 Economic Growth explain what is meant by economic growth calculate and explain how economic growth is measured with reference to Gross Domestic Product (GDP) and GDP per capita analyse recent and historical GDP data analyse the determinants of economic growth, including investment, changes in technology, size of workforce, education and training, availability of natural resources and government policies evaluate the costs and benefits of economic growth, including the impact on economic, social and environmental sustainability 3.2 Low Unemployment explain what is meant by employment and unemployment explain how unemployment is measured using the Claimant Count calculate the unemployment rate analyse recent and historical unemployment figures explain the types of unemployment, including cyclical, frictional, seasonal and structural unemployment evaluate the causes and consequences of unemployment for individuals, regions and the government
Rationale	In Summer 2, learners will begin macroeconomics, shifting from the microeconomic focus on individual interactions to studying the economy. Macroeconomics covers inflation, unemployment, and growth, examining how these variables interact to shape living standards, healthcare, education, and housing. Learners will explore economic growth sources, such as capital investment and technology, while considering growth costs and sustainable development amidst resource scarcity. They will also reflect on the limitations of GDP and GDP per capita as measures of economic well-being. In Unit 3.2, learners will study unemployment, understanding UK measurement methods like the Claimant Count and Labour Force Survey. They will analyse employment trends, including the Global Pandemic's impact, and discuss automation's role in the future job market. In Year 2, learners will progress to Unit 3.3 on income distribution and 3.4 on price stability.

Year 10 Summer Term 2

Skills

AO1 (knowledge) – Demonstrate knowledge and understanding of theoretical concepts and contemporary issues.
AO2 (application)– Apply knowledge and understanding of economic concepts to various contexts.
AO3 (analysis and evaluation) – Analyse and evaluate economic issues to demonstrate understanding of economic behaviour. Learners will make informed judgements using data and will consider the possible limitations of evidence.
Quantitative skills – Learners will confidently apply and interpret numerical data and perform calculations.
Debating skills - learners will participate in economic debates and engage with diverse perspectives to refine analytical skills.

Knowledge

3.1 Economic Growth

explain what is meant by economic growth
calculate and explain how economic growth is measured with reference to Gross Domestic Product (GDP) and GDP per capita
analyse recent and historical GDP data
analyse the determinants of economic growth, including investment, changes in technology, size of workforce, education and training, availability of natural resources and government policies
evaluate the costs and benefits of economic growth, including the impact on economic, social and environmental sustainability

3.2 Low Unemployment

explain what is meant by employment and unemployment
explain how unemployment is measured using the Claimant Count
calculate the unemployment rate
analyse recent and historical unemployment figures
explain the types of unemployment, including cyclical, frictional, seasonal and structural unemployment
evaluate the causes and consequences of unemployment for individuals, regions and the government

Rationale

In Summer 2, learners will begin macroeconomics, shifting from the microeconomic focus on individual interactions to studying the economy. Macroeconomics covers inflation, unemployment, and growth, examining how these variables interact to shape living standards, healthcare, education, and housing.

Learners will explore economic growth sources, such as capital investment and technology, while considering growth costs and sustainable development amidst resource scarcity. They will also reflect on the limitations of GDP and GDP per capita as measures of economic well-being.

In Unit 3.2, learners will study unemployment, understanding UK measurement methods like the Claimant Count and Labour Force Survey. They will analyse employment trends, including the Global Pandemic's impact, and discuss automation's role in the future job market.

In Year 2, learners will progress to Unit 3.3 on income distribution and 3.4 on price stability.

KNOWLEDGE ORGANISERS

To support the acquisition of the required knowledge, Harrow High School uses the following student workbook: Knowledge Book for OCR GCSE (9-1) Economics