Economics at Westfield Academy 

The Economics curriculum is a thought-provoking and dynamic it explores how individuals, businesses, and governments make choices about allocating scarce resources. At both A-Level and GCSE, students delve into fundamental concepts such as supply and demand, market structures, and the role of government in the economy.

Students will develop an understanding of the world in which we live, the decision-making rationale of individuals, firms and governments, and those who shape our local, national and global societies. Studying Economics equips students with critical thinking and analytical skills, enabling them to understand complex economic issues and make informed decisions. In adulthood, this knowledge is invaluable for comprehending how economic policies affect everyday life, from interest rates and taxation to employment and business cycles. It also fosters a deeper appreciation of global economic interdependence and the impact of economic events on personal and societal well-being.

At Key Stage 4 students study the OCR GCSE Economics qualification which introduces them to fundamental economic concepts and principles. It covers topics such as the basic economic problem of scarcity, how markets work through the forces of supply and demand, and the different types of market structures like perfect competition and monopoly. Students also learn about the role of government in the economy, including taxation, public spending, and regulation. The course aims to provide a solid foundation for understanding how economies function and the factors that influence economic decisions at both individual and national levels.

Economics in the Sixth Form 

Students go on to study the OCR A-Level in Economics, which offers a more in-depth exploration of economic theories and their applications. The course is divided into microeconomics and macroeconomics. In microeconomics, students study the behaviour of individuals and firms in making decisions regarding the allocation of resources, market failures, and the impact of government intervention. Macroeconomics covers broader economic issues such as inflation, unemployment, economic growth, and international trade. Students also analyse economic policies and their effectiveness in addressing economic problems. This advanced course prepares students for higher education and careers in economics, business, finance, and related fields by developing critical thinking and analytical skills.

Economics encourages students to think critically about the world around them, providing a deeper understanding of how economic forces shape our daily lives. Students can go on to various careers in the business, legal and banking sectors.