Curriculum and Extra-curricular Activities
The Edexcel IGCSE in Economics is designed as a two-year course. As students progress through the course, they are introduced to new ideas and concepts while continuing to use and reinforce previously learned concepts and skills. The course is designed to give students a sound understanding of Economics, and the ability to use knowledge, skills and understanding appropriately in the context of individual countries and the global economy. The overall aim is to help students comprehend the complexities of the real world, especially now when a significant part of the global economy is in turmoil.
What the Subject involves
You may never have studied Economics before, and yet when you open a newspaper, what do you read about? — The collapse of the Greek economy or maybe the banking crisis in Cyprus? Turn on the TV news and what do you hear? Maybe some piece of news that relates to the state of the economy either the domestic or the global economy. Economics affects our daily lives. Continually we are being made aware of local, national and international economic problems and continually we are faced with economic problems and decisions of our own.What the Subject involves
Economics is the study of how we allocate scarce resources. We look at the role that firms, individuals and governments play in this process. We aim to discover the costs and benefits of different policies aimed at dealing with these problems. So the kind of questions we may be studying in Economics include:
- Why is the Eurozone caught up in a debt crisis?
- Why have share and property prices fallen so sharply in the last few years?
- Should the level of taxation be increased or reduced?
- Why is there unemployment, and why has it increased so fast in recent years?
- Who should provide health care and education, the public or private sector?
- What are the problems of developing nations in Africa, Asia and elsewhere and what can be done to address them?
- Why do the prices of goods like wheat, corn and sugar fluctuate?
- Is Greece going to default?
- What will happen to the euro if Greece goes bankrupt? Will Cyprus follow Greece?
- What are the causes of the banking crisis in Cyprus?
- How is China’s slowdown going to affect the global economy?
The Edexcel IGCSE in Economics is designed as a two-year course. As students progress through the course, they are introduced to new ideas and concepts while continuing to use and reinforce previously learned concepts and skills. The course is designed to give students a sound understanding of Economics and the ability to use knowledge, skills and understanding appropriately in the context of individual countries and the global economy. The overall aim is to help students comprehend the complexities of the real world, especially now when a significant part of the global economy is in turmoil.
The IGCSE in Economics qualification enables students to:
The IGCSE in Economics qualification enables students to:
- develop an understanding of economic concepts and apply these concepts to real-life situations
- interpret and evaluate economic data in order to make reasoned arguments and informed judgements
- develop an awareness of economic change and its impact on developing and developed economies
- understand economic issues, problems and possible solutions that affect mixed economies
- Participate effectively in society as citizens, producers and consumers.
This course will appeal to students who:
Plan to opt for a university degree in Economics or an Economics-related subject such as Business, Management, Marketing, Finance, Accounting & others.
Specification link :
https://qualifications.pearson.com/en/qualifications/edexcel-international-gcses-and-edexcel-certificates/international-gcse-economics-2017.html
Economics International A-Level
Pearson Edexcel International Advanced Subsidiary in Economics: This qualification comprises two externally examined units. The International Advanced Subsidiary is the first half of the International Advanced Level qualification, consisting of Units 1 and 2. Students may receive this qualification as a discrete certification or contribute 50 per cent towards the International Advanced Level qualification.
Pearson Edexcel International Advanced Level in Economics: This qualification consists of four externally examined units. The International Advanced Level includes the two IAS units (Units 1 and 2) as well as two IA2 units (Units 3 and 4). Students who wish to obtain the International Advanced Level qualification must complete all four units.
Unit 1: Markets in Action
This unit provides students with an introduction to the fundamentals of economics and explores how the price mechanism allocates resources in local, national, and global markets. Students will learn to apply supply and demand analysis to real-world scenarios and understand consumer behaviour. This includes examining how consumers rationally maximize utility and how firms aim to maximize profit. Additionally, students will analyze market failures, comprehend the strengths and weaknesses of potential policy solutions, and suggest remedies.
Unit 2: Macroeconomic Performance and Policy
This unit introduces students to key measures of economic performance and the main objectives and instruments of economic policy on an international scale. Students will learn to use a basic AD/AS model to analyze changes in real output and the price level. They will explore demand-side and supply-side policies to improve economic performance, considering historical contexts and predicting their possible impacts. The unit also covers different approaches adopted by policymakers to address macroeconomic problems and identifies criteria for success.
Unit 3: Business Behavior
Building on the content of Unit 1, this unit examines how pricing and competition between firms are influenced by the number and size of market participants. By the end of this unit, students should be capable of analyzing and evaluating pricing and output decisions made by firms in various contexts. They will gain an understanding of the role of competition in business decision-making and assess government interventions aimed at promoting competitive markets.
Unit 4: Developments in the Global Economy
Unit 4 builds upon the knowledge and skills acquired in Unit 2. It requires the application, analysis, and evaluation of economic models and the ability to assess policies addressing economic problems. Students will develop an awareness of trends and developments in the global economy over the past 40 years, including contemporary issues. Wide-ranging reading and research will enable students to utilize up-to-date and relevant examples to analyse and evaluate global economic issues and developments.
For the full specification, please follow this link:
https://qualifications.pearson.com/content/dam/pdf/International%20Advanced%20Level/Economics/2018/Specification-and-Sample-Assessment/International-A-Level-Economics-spec.pdf
Pearson Edexcel International Advanced Level in Economics: This qualification consists of four externally examined units. The International Advanced Level includes the two IAS units (Units 1 and 2) as well as two IA2 units (Units 3 and 4). Students who wish to obtain the International Advanced Level qualification must complete all four units.
Unit 1: Markets in Action
This unit provides students with an introduction to the fundamentals of economics and explores how the price mechanism allocates resources in local, national, and global markets. Students will learn to apply supply and demand analysis to real-world scenarios and understand consumer behaviour. This includes examining how consumers rationally maximize utility and how firms aim to maximize profit. Additionally, students will analyze market failures, comprehend the strengths and weaknesses of potential policy solutions, and suggest remedies.
Unit 2: Macroeconomic Performance and Policy
This unit introduces students to key measures of economic performance and the main objectives and instruments of economic policy on an international scale. Students will learn to use a basic AD/AS model to analyze changes in real output and the price level. They will explore demand-side and supply-side policies to improve economic performance, considering historical contexts and predicting their possible impacts. The unit also covers different approaches adopted by policymakers to address macroeconomic problems and identifies criteria for success.
Unit 3: Business Behavior
Building on the content of Unit 1, this unit examines how pricing and competition between firms are influenced by the number and size of market participants. By the end of this unit, students should be capable of analyzing and evaluating pricing and output decisions made by firms in various contexts. They will gain an understanding of the role of competition in business decision-making and assess government interventions aimed at promoting competitive markets.
Unit 4: Developments in the Global Economy
Unit 4 builds upon the knowledge and skills acquired in Unit 2. It requires the application, analysis, and evaluation of economic models and the ability to assess policies addressing economic problems. Students will develop an awareness of trends and developments in the global economy over the past 40 years, including contemporary issues. Wide-ranging reading and research will enable students to utilize up-to-date and relevant examples to analyse and evaluate global economic issues and developments.
For the full specification, please follow this link:
https://qualifications.pearson.com/content/dam/pdf/International%20Advanced%20Level/Economics/2018/Specification-and-Sample-Assessment/International-A-Level-Economics-spec.pdf
Business International A-Level
Pearson Edexcel International Advanced Subsidiary in Business: This qualification consists of two externally-examined units. The International Advanced Subsidiary is the first half of the International Advanced Level qualification and consists of two IAS units, Units 1 and 2. This qualification may be awarded as a discrete qualification or may contribute 50 per cent towards the International Advanced Level qualification.
Pearson Edexcel International Advanced Level in Business: This qualification consists of four externally-examined units. The International Advanced Level consists of two IAS units (Units 1 and 2) plus two IA2 units (Units 3 and 4). Students who wish to obtain the International Advanced Level qualification must complete all four units.
Unit 1: Marketing and People
In this unit, students are introduced to the market, explore the marketing and people functions and investigate entrepreneurs and business start-ups. Students develop an understanding of how businesses need to adapt their marketing to operate in a dynamic business environment. It also considers people, explores how businesses recruit, train, organise and motivate employees, and the role of enterprising individuals and leaders.
Unit 2: Managing business activities
This unit enables students to develop an understanding of raising and managing finance and measuring business performance. It outlines the importance of using resources efficiently within a business to ensure that goods or services can be delivered effectively and efficiently and to a high quality. Students also consider the external influences that have an impact on businesses, including economic and legal factors.
Unit 3: Business Decisions and Strategy
This unit moves from functions to strategy, enabling students to develop their understanding of the core concepts and take a strategic view of business opportunities and issues. Students analyse corporate objectives and strategy against financial and non-financial performance measures and how businesses grow and develop an understanding of the impact of external influences. The unit also covers the causes and effects of change and how businesses mitigate risk and uncertainty.
Unit 4: Global business
Students investigate businesses that trade on a global scale and explore their reasons for doing so. Students develop an understanding of the globally competitive environment and consider the ethical and moral dimensions of global business activities.
For the full specification, please follow this link:
https://qualifications.pearson.com/en/qualifications/edexcel-international-advanced-levels/business-2018.html
Pearson Edexcel International Advanced Level in Business: This qualification consists of four externally-examined units. The International Advanced Level consists of two IAS units (Units 1 and 2) plus two IA2 units (Units 3 and 4). Students who wish to obtain the International Advanced Level qualification must complete all four units.
Unit 1: Marketing and People
In this unit, students are introduced to the market, explore the marketing and people functions and investigate entrepreneurs and business start-ups. Students develop an understanding of how businesses need to adapt their marketing to operate in a dynamic business environment. It also considers people, explores how businesses recruit, train, organise and motivate employees, and the role of enterprising individuals and leaders.
Unit 2: Managing business activities
This unit enables students to develop an understanding of raising and managing finance and measuring business performance. It outlines the importance of using resources efficiently within a business to ensure that goods or services can be delivered effectively and efficiently and to a high quality. Students also consider the external influences that have an impact on businesses, including economic and legal factors.
Unit 3: Business Decisions and Strategy
This unit moves from functions to strategy, enabling students to develop their understanding of the core concepts and take a strategic view of business opportunities and issues. Students analyse corporate objectives and strategy against financial and non-financial performance measures and how businesses grow and develop an understanding of the impact of external influences. The unit also covers the causes and effects of change and how businesses mitigate risk and uncertainty.
Unit 4: Global business
Students investigate businesses that trade on a global scale and explore their reasons for doing so. Students develop an understanding of the globally competitive environment and consider the ethical and moral dimensions of global business activities.
For the full specification, please follow this link:
https://qualifications.pearson.com/en/qualifications/edexcel-international-advanced-levels/business-2018.html
Extra-curricular activities
The range of activities provided by the Business and Economics Department in 2023-24 includes:
The Economics Olympiatha. (weekly after school) .The Economics Olympiad Club offers students a chance to enhance their understanding and appreciation of how economics rules the world, as economics is a subject beyond the classroom. The aim of the club is to deepen the economic and financial literacy of high school students, helping them develop several skills, including the ability to quickly recall information while processing large volumes of information and prepare them to compete with other students on a similar educational level through the Pancyprian Economics Olympiad taking place in March. The Pancyprian Economics Olympiad was first introduced in 2019 by the “Pancyprian Association of Economics Teachers” and quickly attracted a lot of attention, being warmly embraced by all schools, teachers and students around Cyprus from the very beginning.
The Economics Olympiad club is offers students the chance to refine their analytical and application skills, activating their prior knowledge via constant practice and support sessions, enriched with timed exam-paper questions. In addition to that, students are provided with a different level of exposure than that of the school’s exams, helping them analyse their strengths and weaknesses based on their performance in a nationwide-level examination, providing an absolute assessment of student’s knowledge, motivating them towards academic excellence. The opportunity to compete against peers at a national level goes beyond being simply a support lesson and builds confidence and character. (Mr Tryfonas Hadjichristoforou).
Saturday sessions for Year 7 students – Hellas Direct-sponsored (23/9/23, 7/10/23, 14/10/23). These proved very successful, with very high attendance. This took place on three Saturdays in the form of 2x 3-hour workshops focusing on revising Year 6 material and 1x 4-hour workshops focusing on exam papers. These were carried out by Mr Tryfonas Hadjichristoforou and Mr Demetris Moiseos, who prepared revision and past papers booklets for the event. Feedback received by students was very positive, especially when exams approached.
The Economics Support Club for Years 4-7 , has significantly benefited students by focusing on past paper practice for Pearson exams (IGCSE, IAS, IAL). This targeted approach enhances exam readiness and boosts confidence. Through regular practice, students become familiar with the exam format and question styles, improving their time management and problem-solving skills. The club also provides personalized feedback and support, helping students identify and address their weaknesses. Through past paper practice, the club reduces exam anxiety and cultivates a thorough understanding of economic concepts, ultimately leading to higher academic performance and success in Pearson exams. (Mr Demetris Moiseos/ Ms Maria Criticos)
Economics Extension Society- The Economics Extension Society (weekly after school) is an extracurricular activity dedicated to fostering a deeper understanding of economics beyond traditional classroom learning. This society provides a platform for students to engage with the subject through various enriching activities, guest speaker sessions, workshops, and practical applications of economic theories.
The society invites economists, industry experts, and academic scholars on a weekly basis to share their insights and experiences. These sessions offer students unique perspectives on contemporary economic issues, ranging from global market trends to policy-making processes.
The society organizes various enrichment activities designed to broaden students' economic knowledge and interests. Such activities encourage students to explore economics from different angles and develop a holistic understanding of the subject.
A key aim of the society is to extend learning beyond the confines of standard textbooks. Understanding and applying economics to real-world situations is emphasized as a crucial skill. The society facilitates this by organizing internships, project collaborations with businesses, and more recently, in cooperation with Ms.Roussou a Summer program with the University of Cyprus. These opportunities allow students to experience the practical implications of economic theories and decision-making processes in real-world contexts.
This Society is led by Ms Christiana Nicoloau and Ms Antoinetta Diola-Skordi
The following seminars/workshops took place in 2023-2024.
- Annual Economics Society Workshop – Economic impact of gender disparities. Ms Josie Christodoulou (Commissioner for Gender Equality in Cyprus). Catering sponsored by ESPGA.
- Andrea Killiari (Alumni – LSE) presentation - What is morality, ethics and law? Scandals that have taken place in the corporate world.
- Ms Pieri (Alumni- Bath) – Journey from BSc Economics to Barcelona Masters to working in a global context.
- Economics at the University of Bocconi – Ms Eva Michael (Alumni – Bocconi)
- Sample lecture Economics at The University of Warwick – Ms Katerina Athanasiades (Alumni- Warwick)
- Sample Economics Lecture from the University of Bristol in collaboration with The ES Careers service.
- Ms Tourapi – Role of HR manager and people as a key asset.
- Ms Evripidou – workshop on The Financial Crisis in Cyprus and the Global Economy.
- Year 6 Economics Students – Women in the field of Economics Janet Yellen and Ester Duflo.
- Iason Tsolakis – year 6 student - presentation The Euro.
- Ms Diola (Director of Europe, ICAEW), Ms Stephanou (CEO – Step up Stop Slavery) Workshop, Economic crime and the role of professions in protecting the integrity of the economy.
- Mr Eros Nicolaou (Alumni – Cambridge) -Beyond Economics in the real world – detailed perspective from key economists.
- Ms Karanikolas – (UK Deliotte, ACA Director) workshop - The Accountants skill set, covid 19 and UK firms.
- Mr Evripidou (ACCA, Business relationship Manager South Europe), Mr Solomonides , Ms Alexandrou – workshop and presentation on – The significance of Professional Qualifications skills and prospects in Cyprus.
- Miss Guangmei Angela He (Year 7 student) - presentation – Journey into the world of research and brief review of the book she wrote and published - Title: Economics Buffet Paperback –ISBN-13 : 979-83951813.
- Workshop on perspectives in Economics – Ms A.Diola- Skordi
- Workshop on Game Theory – Mr Kkailas
- Mr Stavros Ioannou (CEO Grant Thronton - ES Alumni) What it means to be a CEO in 2024 – Workshop.
- Ms Evgeniou (Alumni- LSE) -Interactive presentation and Workshop on – The Economics of Artificial Intelligence.
