Year 09 Economics
Curriculum:
Click to Expand Autumn Content:
Economic Activity
The Factors of Production
Making Choices
Markets and Allocation of Resources
Economic Sectors
Specialisation, Division of Labour, and Exchange
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
- The difference between a need and a want, and how these can change over time
- The central purpose of economic activity is the production of goods and services to satisfy needs and wants
- The key economic decisions are: what to produce, how to produce, and who is to benefit from the goods and services produced
- Consumers, producers and government are the main economic group
- The interactions between the main economic groups
- Understand the nature of an economic resource
- Identify and understand examples of the four factors of production (land, labour, capital and enterprise) and the reward accrued to each
- How and why choices are made, and how costs and benefits can be weighed up to make a choice
- The concept of opportunity cost in the context of economic activity
- Recycle Language in a Different Context
- A market is an opportunity for buyers and sellers to interact in order to establish price
- The role of markets in allocating scarce resources
- The difference between factor and product markets
- The meaning of primary, secondary and tertiary sectors and their relative sizes in the UK
- The difference between a good and a service
- The meaning of specialisation and the division of labour
- How and why individuals and producers specialise
- The costs and benefits associated with the division of labour, both to the worker and the firm
Click to Expand Spring Content:
Demand for Goods and Services
Supply for Goods and Services
Equilibrium Price
Intermarket Relationships
Price Elasticity of Demand
Price Elasticity of Supply
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
- What is meant by the demand for a good or service
- The factors which influence demand
- How to construct an individual demand curve from consumer data
- The difference between shifts of, and movements along, the demand curve
- What is meant by the supply of a good or service
- The factors which influence supply
- How to construct an individual firm's supply curve from production data
- The difference between shifts of, and movements along, the supply curve
- How the interaction between supply and demand determines equilibrium price using a supply and demand diagram
- Why excess demand and excess supply can lead to changes in price
- How to use supply and demand diagrams to understand the impact of changes in equilibrium market prices
- How demand and supply curves can be applied to a variety of real-world markets
- How to demonstrate revenue on a demand and supply diagram
- The meaning of complementary and substitute goods
- The impact of changes in demand, supply and price in one market on other related markets
- That changes in price don't always cause equivalent changes in demand
- The factors that affect price elasticity of demand
- The difference between price elastic demand and price inelastic demand
- That price elasticity of demand is measured as the percentage change in quantity demanded, divided by the percentage change in price and be able to perform calculations from given data
- The implications of price elasticity of demand for producers and consumers
- That changes in price don’t always cause equivalent changes in supply
- The factors that affect price elasticity of supply
- The difference between price elastic supply and price inelastic supply
- That price elasticity of supply is measured as the percentage change in quantity supplied, divided by the percentage change in price and be able to perform calculations from given data
- The implications of price elasticity of supply for producers and consumers
Click to Expand Summer Content:
The Importance of Cost, Revenue and Profit for Producers
Production and Productivity
Economies of Scale
The Importance of Market Structures on Producers and Consumers
Key Concepts:
Key Concepts:
Key Concepts:
Key Concepts:
- Business objectives, including profit, sales growth and increasing market share
- How to identify and calculate total and average, fixed and variable costs
- How to identify and calculate total and average revenues
- That total revenue – total costs = profit, and that a firm may aim to increase its profits by reducing average costs and/or increasing revenues
- That higher prices imply higher profits and that this will provide the incentive for producers to expand production
- That the motivations of producers may conflict with ethical and moral interests
- The difference between production and productivity
- The benefits of increased productivity
- Economies of scale as the effect on average costs of a rise in production
- The implications and effects of economies of scale on business behaviour
- The costs and benefits of growth for a business
- The different types of economy of scale, including managerial, purchasing, financial, technical and risk-bearing
- What is meant by diseconomies of scale
- That there is a range of market structures
- Factors such as the number of producers, the degree of product differentiation and ease of entry as being used to distinguish between different market structures
Subject Overview:
Students in Year 9 have 3 Economics lessons each week.
In Year 9, students have 1 piece of homework set every week.
Assessments:
Students sit an assessment at the end of each topic and unit.
Summative assessment will take place at points throughout the year, usually every half term.
