Economics | ISB Secondary

Economics (KS4 & Pre-U)

Economics is a social science characterized by interdependence, which focuses on how people interact with each other to improve their economic well-being, influenced and enabled by their values and their natural surroundings.

At ISB we intend for students who study economics to appreciate that the economic world is dynamic in nature and constantly subject to change.

Furthermore, we also intend to show that:

Economic theories are based on logic and empirical data, using models to represent and analyse this complex reality. Individual and collective motivations and behaviours are complex and diverse, and their understanding entails the interaction of a variety of disciplines such as philosophy, politics, history, and psychology.
Economic decision-making impacts the relative economic well-being of individuals and societies.
The central problems of economics are scarcity and choice. This forces societies to face trade-offs, opportunity costs and the challenge of sustainability.
Debates exist in economics regarding the potential conflicts between economic growth and equity and between free markets and government intervention.
Endless economic growth, based on the consumption of finite resources, cannot continue indefinitely. New economic models and social movements have challenged mainstream opinion about the purpose of growth and how the economy could be redesigned to support long-term prosperity.

In order to meet these aims we will…

The economics course is underpinned by a number of pedagogical principles. In particular, the teaching of economics is conceptually focused and grounded in real-world issues. Concepts are anchored in the content of economics — its theories, models, ideas and tools — and are given context through the study of real-world issues and examples. Together these components help students to acquire a holistic and integrated understanding of economics as a discipline.
Conceptually focused teaching helps learners to:
organize new information by categorizing groups of theories, ideas, tools, or facts according to patterns of similarity or difference.
deepen their understanding of today’s complex and dynamic economic environment.
approach concepts and content in different ways through multiple perspectives.
make connections with other subjects to enhance interdisciplinary learning.
Conceptual understanding therefore enhances the student’s overall understanding of the course, making the subject more meaningful.
It is important to highlight that inquiry-based learning takes place to ensure students are actively involved in researching economic issues Economics is focused on inquiry-based teaching and learning, in which students are given the opportunity to explore economic theories or global issues using real-world examples. The teaching of the economics content should, therefore, be supported by focusing on real-world issues and applying real world examples. This should then develop the student’s understanding of economics through the lens of real examples rather than the response being purely theoretical. In doing this the students will be able to go beyond merely “stating” an example in a theoretical response.

Students will be able to;

As with all subjects in individuals and societies, the aims are to:
encourage the systematic and critical study of: human experience and behaviour; physical, economic and social environments; the history and development of social and cultural institutions
develop in the student the capacity to identify, analyse critically and evaluate theories, concepts and arguments about the nature and activities of the individual and society
enable the student to collect, describe and analyse data used in studies of society, and to test hypotheses and interpret complex data and source material
promote the appreciation of the way in which learning is relevant to both the culture in which the student lives and the culture of other societies
develop an awareness in the student that human attitudes and opinions are widely diverse and that a study of society requires an appreciation of such diversity
enable the student to recognize that the content and methodologies of the individuals and societies group are contestable and that their study requires the tolerance of uncertainty.
The specific aims of Economics are to enable students to:
develop a critical understanding of a range of economic theories, models, ideas and tools in the areas of microeconomics, macroeconomics and the global economy.
apply economic theories, models, ideas and tools and analyse economic data to understand and engage with real-world economic issues and problems facing individuals and societies.
develop a conceptual understanding of individuals’ and societies’ economic choices, interactions, challenges and consequences of economic decision-making.

Subject Staff

Mr. D Bull

Head of Faculty

Mrs. J Haliluddin

Teacher

Curriculum Journey

Business Curriculum

Marking & Feedback

Framework Document

Key Stage 4 (Year 10 & 11)

Curriculum Outline

IGCSE Exam Board, syllabus and assessment criteria

Economics (Edexcel)

Pre-U (Year 12 & 13)

KS5 Economics Curriculum Outline for SharePoint.png

Curriculum Outline

IBDP SL Economics Subject Brief

IBDP HL Economics Subject Brief

Which degrees does this IB subject complement?*

Business Studies

History

International Relations

Management Studies

Mathematics

Public Administration

*The degrees listed are some examples of courses that the subject supports but this is not an exhaustive list. In addition, please note that these subjects are not compulsory for each degree. Please consult individual university websites for specific requirements for their courses.

ISB Secondary Parent Website

Economics (KS4 & Pre-U)