Year 12

Autumn Term + Spring Half Term 1

Nature and purpose of economic activity; economic resources; economic objectives of individuals, firms and governments; scarcity, choice and allocation of resources; production possibility diagrams; value judgements, positive and normative statements; determinants of demand for goods and services; price, income and cross elasticities of demand; determinants of supply of goods and services; price elasticity of supply; determination of equilibrium market prices; applications of demand and supply analysis to particular markets; interrelationship between markets; how markets and prices allocate resources

Spring Half Term 2 + Summer Term

Specialisation, division of labour and exchange; production; economies and diseconomies of scale; market failure; public goods; positive and negative externalities in consumption and production; merit and demerit goods; monopoly and the allocation of resources; immobility of factors of production; inequalities in distribution of income and wealth; rationale for government intervention; methods of government intervention to correct distortions in individual markets; government failure