Our Vision for Economics at HEA
Our mission is to empower young people to make informed economic choices so they can pursue ambitious aspirations in a dynamic global economy.
Our economics curriculum is ambitious, knowledge-rich, and logically sequenced, offering a wealth of real-world applications and meaningful connections. Students explore fundamental concepts such as scarcity, choice, and opportunity cost, and develop a deep understanding of markets, price determination, and elasticity. They critically examine market structures, market failure, and the role of government intervention, while engaging with macroeconomic themes like economic growth, inflation, unemployment, and globalisation.
Through research-informed teaching, our expert educators foster analytical and quantitative skills, enabling students to interpret data, construct arguments, and evaluate policies using both microeconomic and macroeconomic models. Students learn to apply concepts such as AD/AS analysis, the circular flow of income, and international trade theory, preparing them to navigate complex economic challenges.
Outstanding literacy work strengthens our offer, supporting students to become fluent in economic terminology, confident in writing evaluative essays, and articulate in presenting data-driven insights. Our co-curricular programme develops ambition, respect, and resilience—qualities essential for success in higher education, careers, and civic life.
Our students leave us ready to face the complexities of an ever-changing global economy and live fulfilling lives enriched by informed decision-making and social responsibility. Huish Episcopi fosters a sense of belonging for all, and we eagerly anticipate and celebrate our students’ future successes in shaping the economic landscape.
Key Themes and Concepts
| Microeconomics | Macroeconomics | Skills |
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Curriculum Overview
Year 12
| Year 12 | |
| Autumn 1 |
Economic Methodology, Individual Economic Decision Making, and Price Determination Students will be able to understand how economics operates as a social science, distinguish between positive and normative statements, and apply concepts of scarcity and opportunity cost. They will explore how individuals make choices based on rational behaviour, utility, and behavioural influences such as biases and imperfect information. Students will also learn how demand and supply interact to determine prices, interpret elasticity, and analyse factors that cause shifts in market equilibrium. |
| Autumn 2 | Students will be able to understand how firms convert inputs into outputs and measure productivity. They will learn the benefits of specialisation and division of labour, distinguish between short-run and long-run costs, and calculate average, total costs and revenues. Students will also explore economies and diseconomies of scale, understand how these affect efficiency, and analyse the relationship between revenue, profit and business objectives. |
| Spring 1 | Students will be able to understand the characteristics of different market structures, from competitive and concentrated markets to perfect competition, monopolistic and imperfectly competitive markets, and monopoly. They will explore how these structures influence pricing, output, efficiency, and innovation, and analyse the objectives of firms and the role of profit. In addition, students will examine the labour market, learning how wages and employment are determined by demand and supply, and how factors such as trade unions, minimum wage policies, and discrimination impact labour market outcomes and economic performance. |
| Spring 2 | Students will be able to understand how markets and prices allocate resources through the rationing, incentive and signalling functions of the price mechanism. They will explore the causes and consequences of market failure, including public goods, externalities, and imperfect information, and analyse how government intervention seeks to correct these failures through taxation, subsidies, regulation and provision. Students will also examine the concept of government failure, recognising how intervention can lead to inefficiencies and unintended consequences. |
| Summer 1 | Students will be able to understand how the macroeconomy works through the circular flow of income and the interaction of aggregate demand and aggregate supply. They will learn how changes in injections and withdrawals affect national income, explore the determinants of AD and AS, and use AD/AS analysis to explain economic growth, inflation, and unemployment. Students will also examine key indicators of macroeconomic performance and understand how these concepts underpin policy decisions and economic stability. |
| Summer 2 | Students will be able to understand the drivers of economic growth and the phases of the economic cycle, recognising short-run fluctuations and long-run trends. They will explore the causes and consequences of employment and unemployment, analyse inflation and deflation and their impact on individuals and the economy, and understand the balance of payments on the current account, including factors influencing trade and international competitiveness. |
Year 13
| Year 13 | |
| Autumn 1 | Students will be able to understand the structure and role of financial markets, including the characteristics of financial assets and how banks create money. They will explore the functions of central banks and the use of monetary policy to influence interest rates, credit, and exchange rates, as well as the regulation of the financial system to maintain stability and prevent systemic risk. Students will also examine how governments control taxation and spending through fiscal policy, assessing its impact on aggregate demand, economic growth, and overall macroeconomic performance. |
| Autumn 2 | Students will be able to understand how fiscal policy uses taxation and government spending to influence aggregate demand and supply, and assess its impact on growth, employment, and inflation. They will explore supply-side policies aimed at improving productivity and competitiveness, and examine the international economy through globalisation, trade, and the balance of payments. Students will analyse how these factors interact to shape economic performance and policy decisions in an interconnected world. |
| Spring 1 | Students will be able to understand how exchange rate systems operate and their impact on trade and competitiveness. They will explore the difference between economic growth and development, examining indicators such as GDP and the Human Development Index, and analyse barriers to growth in less-developed economies. Students will also study the distribution of income and wealth, the causes and consequences of poverty, and evaluate government policies aimed at reducing inequality and promoting fairness. Finally, they will assess how growth and the economic cycle influence living standards and economic stability. |
| Spring 2 | Students will be able to understand the potential conflicts between macroeconomic policy objectives, such as achieving economic growth, price stability, low unemployment, and a balanced current account. They will explore how policies designed to meet one objective can create trade-offs or tensions with others, and analyse approaches to reconciling these conflicts in both the short run and the long run. Revision will focus on applying AD/AS analysis and policy evaluation to real-world scenarios, while skills development will include interpreting economic data, constructing diagrams, and writing balanced evaluative arguments using both qualitative and quantitative evidence. |
| Summer 1 | Final revision and examinations. |
| Summer 2 | |
Assessment
| Autumn Term | Spring Term | Summer Term | |
| Year 12 | Mid-Unit and End of Unit Assessments | Mid-Unit and End of Unit Assessments |
Mid-Unit and End of Unit Assessments End of Year Examination - Full Paper 1 |
| Year 13 |
Mid-Unit and End of Unit Assessments Mock Examination: Full Paper 1 and Paper 2 |
Mid-Unit and End of Unit Assessments Mock Examination: Full Paper 3 |
A Level Exams |
Exam Board Link(s)
Extracurricular Opportunities
Real-World Connections
Throughout the year, students meet local entrepreneurs/politicians/academics who visit the school to share their experiences and answer questions. These sessions give students valuable insights into the challenges and rewards of running a business.
A Level Enrichment
Our students can take part in Tutor2u AQA A-Level Economics Grade Booster workshops, designed to strengthen exam technique and deepen understanding of core topics. These full-day, interactive sessions are delivered in cinema venues and include:
- Focused Revision: Covering key areas such as quantitative skills, diagrams, and application mastery.
- Exam Technique: Strategies for short-answer, data response, and essay questions.
- Expert Guidance: Sessions led by experienced subject specialists.
- Resources: A comprehensive workshop booklet, online support course, and access to an attendee hub with downloadable materials.
- Added Value: Practical tips to avoid common mistakes and maximise marks.
These workshops provide an engaging way to consolidate learning and boost confidence ahead of exams.
Depending on student numbers, a residential trip may also be offered to further enrich their understanding of business and economics in the real world.
Careers
Where can Economics qualifications take you?
- Economist
- Financial Analyst
- Data Analyst
- Policy Adviser
- Management Consultant
- Accountant or Auditor
Learning Beyond the Curriculum
Websites
- Tutor2u Economics Blog - Regular updates on economic news, exam tips, and topic analysis. Perfect for linking theory to current events.
- https://www.bbc.co.uk/news/business/economy - Trusted source for UK and global economic developments.
- https://www.ft.com/economy - In-depth coverage of markets, policy, and global trends. Excellent for developing analytical skills.
- https://www.economist.com - Global perspectives on economics and politics. Great for critical thinking and essay writing.
Podcasts
- BBC Business Daily – Global economic news and trends explained.
- Planet Money (NPR) – Engaging stories that make complex economics simple.
- The Economist Podcasts – Insightful discussions on global economic issues.
Books
- Freakonomics by Steven Levitt & Stephen Dubner – Explores surprising economic insights behind everyday life.
- The Undercover Economist by Tim Harford – A brilliant introduction to how markets work and why incentives matter.
- 23 Things They Don’t Tell You About Capitalism by Ha-Joon Chang – Challenges conventional economic thinking with real-world examples.
- The Wealth of Nations by Adam Smith – The classic foundation of modern economics.
- Doughnut Economics by Kate Raworth – A fresh perspective on sustainability and economic growth
