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:

1. Scarcity and choice
2. The margin and change
3. Equilibrium and efficiency
4. Regulation and equity
5. Progress and development

In addition, the syllabus is divided into five content elements:

1. Basic economic ideas and resource allocation
2. The price system and the micro economy
3. Government microeconomic intervention
4. The macro economy
5. 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.