The Economics Department
In Economics, it is better to read one thing ten times rather than to read ten things once because the subject is understood by reading thoroughly. — Prof. Paul Collier, University of Oxford
Economics at Peponi is offered as a beginners course at AS and then at A Level. The new syllabus developed by Cambridge International encourages pupils to explore their subject in depth. There are five key concepts to the syllabus:
- Scarcity and choice
- The margin and change
- Equilibrium and efficiency
- Regulation and equity
- Progress and development
In addition, the syllabus is divided into five content elements:
- Basic economic ideas and resource allocation
- The price system and the micro economy
- Government microeconomic intervention
- The macro economy
- Government macro intervention
Pupils take four components, two at AS and two at A Level. Two of the four are multiple choice papers and the other two are data response and essay papers. The specific areas that are covered include:
- The basic economic problem
- Market forces of demand and supply
- Money and the economy
- Economic systems and the schools of thought
- Government intervention in the economy
- Market structures and market failure
- National income and welfare measurement
- Aggregate demand and aggregate supply
- Inflation and unemployment
- Exchange rates and balance of payments
- Fiscal, supply side and monetary policies
- Economic growth and development
The department aims to:
- enable pupils to understand that time and resources are scarce and should be used efficiently;
- enable pupils to organise, present and communicate ideas in a clear, logical and appropriate form;
- support pupils to develop problem solving and analytical skills that will be applied in day to day life;
- enable pupils to be rational decision makers and utility maximisers both in and out of class; and
- enhance a culture of reading critically so as to gain information about the changing economy in which we live.