Course Outline – Economics

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Ultimately economics affects us all, whether we realise it or not, and arises because we all want a better standard of living. Whether rich or poor, we all have needs and wants, but the means to provide them are limited. More often than not, our own financial resources are the limiting factor but ultimately there are limited resources in the world, and thus we must be mindful of this fact.

Economics takes this as its starting point and explores exactly how a complex entity such as an economy works. It explains such concepts as inflation, recession, business cycles, unemployment and economic growth. It answers familiar questions such as why the exchange rate is different at the start of your holiday from the end, why governments tax certain goods and not others, and why some countries seem to be forever poor and others rich. It explodes common myths such as “firms always want to put up prices” or “the government should spend more”, it explains why interest rates go up and down and addresses issues such as why boom and bust cycles occur.

It even answers a simple question such as why a seemingly useless item such as a diamond necklace cost so much yet water, so essential to human life, is relatively inexpensive – something even the great economist Adam Smith (his picture is on the back of a £20 note) couldn’t answer 200 years ago! Those with an open, inquisitive mind that are seeking to examine the world around them will truly benefit from taking economics at Colchester County High School for Girls. Finally, with an excellent academic record in the subject, many of our girls go on to study Economics or a related discipline at University.

Previous knowledge of the subject is not necessary as the course is self-contained and you do not need to have an interest in politics or current affairs; although it is helpful if you do. With increased emphasis in the new specification on helping students to develop an understanding of the role and impact of the financial sector on the real economy as well as current economic concerns such as rising inequality globally, this subject is set to continue to interest and intrigue students for many years to come.

(Economics is only available at A Level)

Target 2.0

Target 2.0 is a national competition run by the Bank of England where we, along with 300 other schools , compete nationally to give teams of students aged 16-18 the chance to take on the role of the Bank of England’s Monetary Policy Committee, assess economic conditions and the outlook for inflation and tell panels of judges what monetary policy they would set to achieve the Government’s inflation target of 2.0%.