Exam Board and Specification Code: Edexcel (4EC1)
The Course
Economics is a fascinating subject to study at GCSE. It is the study of how societies decide to allocate their resources (such as land, people and money) and the consequences of these decisions. For example, should the government use some of its tax income to build more schools or more nuclear weapons? Both options have pros and cons and Economics looks at these, weighs them up and attempts to provide answers about which is the better course of action. In order to do this, we have to learn various techniques and create models of economies to test out our ideas and theories.
During the course, we look at lots of interesting questions that society faces (both national and international). Current examples include how much money the government should allocate to schools, hospitals, military, unemployment benefits or transport, how high taxes should be, whether leaving the EU is a good or bad thing, the effects of the COVID lockdown on living standards of people, the effects on both the UK and other countries of the current problems affecting international trade.
All the above topics require a degree of knowledge about current affairs so the GCSE in economics is great for those students interested in what is going on in the news and the wider world around them.
The Edexcel IGCSE in Economics is taught in four main sections: (i) The Market System (ii) Business Economics (iii) Government and the Economy (iv) The Global Economy.
What Skills do I need?
As previously mentioned, an interest in world affairs is helpful to succeed on an economics GCSE course. Economists tend to apply a very logical approach to problems and also like debating issues.This means that it is ideal for students who like to discuss and argue in their studies. We use a lot of data in the subject so those comfortable with charts and graphs will feel at home (there is no large Maths requirement however).
How is the Course Assessed?
The Edexcel IGCSE in Economics has two exam papers both taken in May or June. Paper 1: Microeconomics and Business Economics (2 hours) and Paper2: Macroeconomics and the Global Economy. Both papers have a mix of short, mid length and multiple-choice questions. There is no coursework.
Reading
Pearson Edexcel International GCSE (9-1) Economics Student book. Author: Rob Jones
Pearson: ISBN: 9780435188641)
