GCSE Economics

This unit introduces the fundamental ideas that underpin economics and influence the decisions made by individuals, businesses and governments. You’ll explore concepts such as scarcity, choice and opportunity cost, developing an understanding of why economic decisions are necessary and how they affect everyday life.

Resources are limited, meaning societies must make decisions about how they are used and distributed. In this unit, you’ll explore the different ways resources can be allocated, the role of markets in this process and how the choices made by consumers and producers influence economic activity.

Prices play an important role in determining how goods and services are bought and sold. This unit explores the relationship between supply and demand, helping you understand how market prices are established and why changes in consumer behaviour, production and other economic conditions can cause prices to fluctuate.

This unit examines how businesses produce goods and services and the financial considerations involved in their operations. You’ll explore the relationships between production, costs, revenue and profit, developing an understanding of how these factors influence business decisions and financial performance.

Different markets operate in different ways depending on the number of businesses involved and the level of competition they face. In this unit, you’ll explore competitive and concentrated markets, considering how market structures influence pricing, business behaviour, consumer choice and the wider economy.

Markets do not always allocate resources efficiently or produce outcomes that benefit society as a whole. This unit explores the causes and consequences of market failure, including situations where economic activity creates wider costs or benefits, and considers why government intervention may sometimes be necessary.

This unit introduces the wider economy and examines how households, businesses and governments contribute to economic activity. You’ll explore important economic indicators, including growth, inflation and employment, while developing an understanding of how changes in national economic performance can affect individuals and organisations.

Governments pursue a range of economic objectives designed to support stability, growth and the wellbeing of society. In this unit, you’ll explore priorities such as maintaining employment, controlling inflation and encouraging sustainable economic growth, while considering the challenges involved in balancing different economic goals.

This unit explores how governments and other economic authorities attempt to influence the performance of the economy. You’ll examine approaches such as taxation, public spending and monetary policy, developing an understanding of how these measures can affect economic activity, consumer behaviour and business decisions.

Countries are increasingly connected through the exchange of goods, services and financial resources. This unit explores international trade and the relationships between national economies, considering the benefits and challenges of globalisation, the factors influencing trade and how developments overseas can affect the UK economy.

Money and financial markets play an essential role in supporting economic activity and enabling individuals and businesses to manage their finances. In this unit, you’ll explore the functions of money, the role of banks and other financial institutions, and how financial markets help facilitate borrowing, saving and investment within the wider economy.