Economics

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Economics trip to New York October 2012

The Economics and Politics departments went on a joint trip to New York and Washington DC which was unfortunately heavily affected by Hurricane Sandy.  The group did manage to visit Macy’s, where we had a marketing talk and a Cosmetics masterclass.  We also saw a Broadway show – Phantom of the Opera – went on a two-hour river cruise and visited the United Nations, before the hurricane hit. Visits to the Federal Reserve Bank, the International Monetary Fund and World Bank in Washignton DC had to be cancelled, together with Politics visits, as we were stranded in New York.  Nevertheless, we did manage to see various sights including Madame Tussauds in New York before our return.  Many thanks go to Miss Bramall, Mr Packard and Miss Stewart for accompanying Mr Gallacher on the trip.

Economics trip to Brussels and Frankfurt December 2011

Nineteen Year 11 to Year 13 students went on an Economics and Politics students week long trip to Brussels and Frankfurt.  They explored how small and large businesses operated from a chocolate factory in Brussels to a brewery in Leuven.  The students particularly enjoyed the chance to make chocolates at the Chocolaterie Duval.  They also went to the National Bank of Belgium, where they discussed monetary policy, as well as visiting the Atomium in Brussels.

In Frankfurt they enjoyed the chance to visit the European Central Bank to explore current issue surrounding the Euro.  They also went to the Frankfurt Stock Exchange as well as visiting Frankfurter Allgemeine, where they talked to a leading journalist for the afternoon.  There were also a wide range of Politics visits.  Thanks go to Miss Pallas-Brown and Miss Burton for giving up a week of their holiday.

Target 2.0 Competition: Thursday 1st December

Five Year 13 students spent the term preparing a presentation which four of them then gave at Unipart in Cowley to a representative of the Bank of England, mirroring the Bank of England’s decision in setting interest rates.  This involved a 15 minute presentation followed by questions from a panel of judges.  Well done to the girls.

Economics trip to London 5th December 2011

The Year 12 and 13 Economics students heard a variety of eminent economists speak in London near the end of term.  Highlights included talks from Alistair Darling MP, Tim Harford, author of “The Undercover Economist”, Larry Elliott of the Guardian, Carl Emmerson, of the Institute of Fiscal Studies, Douglas Carswell MP, George Buckley of Deutsche Bank and Hugh Pym from the BBC about the future of the UK economy.  Many thanks go to Miss Bramall for accompanying the trip with me and the girls.

Economics trip to Washington DC and New York

Twenty Year 12 and 13 students went on a very successful Politics and Economics trip to Washington DC and New York over October half term.

There were several key Economics visits including a memorable visit to the Federal Reserve Bank in New York. The group were able to compare the differences between the objectives of the Federal Reserve Bank and the Bank of England. They then had a question and answer session on monetary policy before visiting the gold reserves which consisted of 25% of the world’s gold supply in the vault they visited. Afterwards we went on a guided tour of the financial district of New York where we saw the New York Stock Exchange and Wall Street as well as a visit to Ground Zero.

The New York Stock Exchange

Many of the group also had the chance to go sightseeing including at the Air and Space Museum in Washington DC.

Visiting the Air and Space Museum in Washington DC

The group had the chance to look at the pricing policies of various shops as well as working on exchange rates, which should prove valuable to both Years 12 and 13 as will the increasing focus on US competition Policy on the Year 13 syllabus. There were also many Politics-related visits.

Enjoying the trip!

Many thanks go to Miss Stewart (Spanish) and Dr. Rushton for accompanying us on the trip.

Quotes from the trip:

“This trip has been really fun and so interesting. I had never been to America before and this has really opened my eyes.”

“Definitely a trip to remember and I really want to come back soon.”

“A once-in-a-lifetime opportunity.”

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Economics RES Young Economist 2009 Essay Competition:

Congratulations to Alice Fulwood 13X whose essay on “Are recessions inevitable?” was highly commended out of over 450 entries in the RES Young Economist 2009 Essay Competition.

Year 12 and 13 Economics and Politics trip to Brussels and Frankfurt Sunday 14th December to Saturday 20th December 2008

This fantastic trip took place after the end of term. The first visit was to the Possman Apple Winery which allowed the students to have an extended tour of the winery and to see how a company managed to gain a niche market.

The trip also included Economics visits to the Frankfurt Stock Exchange where the students gained a real understanding of how the stock market functioned.

At the European Central Bank the students engaged in a very sophisticated discussion aboutmonetary policy in the Eurozone.

The visit to the National Bank of Belgium featured a great video about inflation which was a highlight of the day. Perhaps the highlight of the trip for many people was a chocolate factory visit in Brussels, where the students sampled a range of chocolates as well as seeing how the business worked.

There were a range of Politics visits.

Quotes from the trip from students:

“Never have I had so much fun, whilst learning so much.”

“I loved every minute of it; I will definitely be going back to Brussels.”

Year 12 and 13 Economics Conference: December 8th 2008

The Year 12 and Year 13 Economists had an extremely enjoyable conference in London only a few days ago. They heard excellent talks about as diverse subjects as the credit crunch, globalisation and the UK economy, the state of the UK economy, the housing market, climate change, the European Union and fluctuating oil process. Thanks go to Miss Stewart (Spanish) for accompanying the trip.

Target 2.0 Competition: November 2008

Four Year 13 Economists entered the very demanding Target 2.0 competition where they have to give a fifteen minute presentation about their decision on the level of interest rates that should be set followed by another fifteen minutes of questioning. In preparation, they went to hear a talk from Professor Tim Besley who sits on the Monetary Policy Committee. The students were extremely impressive and won their heat against very stiff competition. They now progress to the Regional Finals in March. Congratulations go to Emma Blakey, Eve Connor, Alice Fulwood and Louise Kang.

Year 13 talk from Mr Allen from the International Monetary Fund: October 2008

The Year 13 Economists had a lively and interactive session in their lesson from Mr Allen from the International Monetary Fund about the causes and effects of the credit crunch. The talk was extremely clear on a complex question and the questioning thoughtful and perceptive.

Economics and Politics trip to Luxembourg, Strasbourg and Brussels December 2007

This highly successful trip included a particularly popular visit to the Peugeot Car Plant in Mulhouse. This included tours of various sections of the car plant including the assembly of the Peugeot 308 models.

Outside the Peugeot car plant

“The Peugeot Plant was brilliant – really interesting” – a Year 12 student

On the river cruise in Strasbourg

We also visited a winery outside Strasbourg where the students were able to see how a co-operative worked. The brewery in Strasbourg allowed the girls to see how a large business marketed itself and benefited by producing on a large scale.

This contrasted with a small-scale Gingerbread factory and river cruise, as well as a range of Politics trips.

“The trip was great fun and really enjoyable – more so than I was expecting! I can’t wait to go to Brussels and Frankfurt next year.” – A Year 12 student

Particular thanks go to Miss Pallas-Brown for giving up a week of her holiday to come on the trip.

Bank of England Target 2.0 Competition – Friday 30th November 2007

Four Year 13 students, Lydia Nicola, Suneina Jangra, Sneha Sinha and Jing Zhou competed in the Oxfordshire heat of the Economics competition to mirror the Bank of England’s monthly decision on interest rates. They gave a fifteen minute talk with a powerpoint presentation followed by questions from a panel of experts from the Bank of England. Though they did not proceed to the next round they were impressive especially in questioning. Well done to all of them.

Economics Conference to London – Monday 26th November 2007

The Year 12 and Year 13 economists were able to hear a range of speakers at a recent Economics conference in London. These included Allister Heath who spoke about the impact of globalisation and three excellent talks about the UK economy from Robert Chote, Director of the Institute for Fiscal Studies, Stephanie Flanders Economics editor of Newsnight and Colin Ellis from the Bank of England. They were also able to hear from Tony Benn and Kenneth Clarke as well as a lively discussion from Sir Andrew Green, Director of Migration Watch.

Confederation of British Industry conference – Wednesday 6th June 2007

Six Year 13 economists attended a high-powered seminar organised by the Confederation of British Industry entitled, “Fat cats or corporate champions? The reputation of business in the 21st century.” This included the Director General of the CBI, Richard Lambert and the General Secretary of the TUC, Brendan Barber. Jenny Boon asked a question during the Question Time session and followed this up in debate, whilst Anastasya Molodykh contributed to the discussion. Thank you to Miss Rachael Pallas-Brown for taking the students to Unipart in Cowley for the conference.

Young Economist of the Year competition – Spring 2007

Three Year 12 students, Phoebe de Raeve, Lydia Nicola and Sneha Sinha all entered the Young Economist of the Year competition, a national competition for AS and A2 economists. This involved writing an extended essay on a topic of their choice. The results are announced in August and we wish them well.

Economics/Politics Trip to Brussels – 17th to 22nd December 2006

Twenty Year 12 and Year 13 Politics and Economics students spent a fascinating five days in Brussels on a joint Economics and Politics trip after the end of term. The visit to Journal Le Soir, the largest French-speaking newspaper in Belgium was very impressive. It featured a multi-million Euro business that was heavily mechanised especially using robots which moved huge quantities of paper.

The National Bank of Belgium featured a highly-contested outline of the benefits of the single currency. The speaker outlined the impact that the single currency had had on the Belgian economy and how interest rates were now set as part of the Euro zone.

For many the highlight of the trip was the sampling of chocolate at Chocolaterie Duval.

This was a very small scale business that had captured a niche market in selling chocolates to organisations such as Eurostar. Particularly impressive was one of this year’s Young Enterprise company, CoCo negotiating a deal with M. Duval at the chocolate factory for a large quantity of colour-changing mugs.

The final day’s visits had their moments. The visit to the VW Factory was cancelled literally at the last minute as the plant had just been shut down – some economics in that decision alone. Undaunted, we went instead to Antwerp to visit a Diamond Museum. Particular praise should go to Emily Miles and Alice Meredith, both in Year 13, for translating into English our driver’s commentary on the journey to Antwerp. The afternoon tour round the Belle-Vue Brewery was very informative once we found the entrance and showed the marketing needed for a large business that had been taken over by Interbrew.

Overall, this was a hugely successful trip. Particular thanks go to Mrs Burdett for giving up her holiday and to the Belgians for their endless supply of waffles and chocolate.

Personnel

One member of staff is involved in the teaching of Economics who teaches seven lessons in Year 12 and seven lessons in Year 13. Economics is only taught in the sixth form. The Head of Economics also is Head of Politics.

Current staff:

Mr. M. W. Gallacher
MA Hons Oxon in Economics and Politics

Facilities and Resources

Economics is available in the sixth form at AS and A2 level. Everyone at Oxford High School is studying the subject for the first time. It offers girls the opportunity to interpret and evaluate economic data on current economic issues. Girls are encouraged to use Economic Review articles, a magazine written for A level students to develop and consolidate their understanding. The girls are encouraged to look up figures about the UK economy. Websites are available and catalogued by topic.

Textbooks and other Economics material are stored either in the Economics stock cupboard or in Room S5 depending on the nature of the material. The Economics department has access to a TV/ video recorder in the sixth form block which is stored in the Economics/Maths stock cupboard. Videos are stored in the stock cupboard or in Room S5. Economic Review articles are stored by date with an easy filing system by topic in the library along with a copy of all Economic Review lists and essay titles on each topic and a well-stocked selection of library books. Past Papers are stored in the Economics stock cupboard and in the staff room.

Numbers fluctuate in Economics, although approximately ten to twelve study the Edexcel Examination Board on average each year. All girls are taught by year though they are encouraged to integrate through such means as the Economics society which meets to discuss topical Economics issues on an occasional basis.

Curriculum

Year 12 Economics Syllabus

The Edexcel (London) board is studied by all girls with the AS examination taken at the end of Year 12. The girls are given a copy of Economics Explained by Maunder et al as their main textbook. This is supplemented by topic books for all units which are now available. In addition, girls are encouraged to subscribe to the Economic Review a journal written specifically for AS and A level Economists at an approximate cost of £9. Back issues are available in the Economics room and are catalogued by topic. Internet web sites are also catalogued by topic. There are two units studied in Year 12, which are assessed by supported choice questions, data response questions and short essays.

Unit 1: Markets: Competitive markets: How the work and why they fail.

The unit provides an introduction to the nature of Economics and examines the operation of markets for goods and services. Students should understand the price mechanism as a means of allocating resources and be able to apply supply and demand to real world situations. The unit also examines the nature of market failure, its causes and possible policy remedies. Students should be able to understand why markets might not allocate resources efficiently and the methods of dealing with market failure, together with an evaluation of their effectiveness.

AS 50%

Topics:
The Economic problem and economic systems
Demand and Supply
Elasticity
Applications of demand and supply
Government intervention in markets
Market failure
Types of market failure
Remedies for market failure
Government failure

Assessment:
1 hour 30 minutes – a mixture of 8 supported choice questions and one data response question from a choice of two.

Unit 2: Managing the economy

The unit provides an introduction to the key measures of economic performance and the main objectives and instruments of government policy. Students should have an understanding of the key goals of government policy, the basic aggregate demand/supply model and the policies that can be used in the management of the economy.

AS 50%

Topics:
Measures of the economic performance of countries
Aggregate Demand
Aggregate Supply
Macroeconomic Policy Objectives
Conflict between these objectives
Supply and demand side policies

Assessment:
1 hour 30 minutes- one data response question from a choice of two.

Year 13 Economics Syllabus

Unit 3: Business Economics and Economic Efficiency

The unit develops the content of units 1 and 2 and examines how the pricing of, and nature of competition between, firms is affected by the number and size of market participants. Students should be able to analyse the pricing and output decisions of firms in different contexts. They should be capable of making an appraisal of government intervention aimed at promoting competitive markets.

A2 40% A 20%

Topics:
The birth and growth of firms
Alternative motives of firms
Market structures
Pricing and non-pricing strategies
Contestable markets
Competition policy in the UK and EU
Regulation of privatised industries

Assessment:
1 hour and 30 minutes – a mixture of 8 supported choice questions plus one data response from a choice of two.

Unit 4: The Global Economy

The unit develops the content of units 1 and 3 by examining the world economy. It focuses on international trade, exchange rates, economic development and inequality. Students should be able to evaluate macroeconomic performance in a global perspective.

A2 60% A 30%

Topics:
Globalisation
International trade
Trade liberalisation and protectionism
The Balance of Payments
International Competitiveness
Exchange rate systems
European Monetary Union
Public expenditure and taxation
The working of fiscal, monetary and supply side policies
Inequality
Economic Development

Assessment:
2 hours – one structured essay from a choice of three and one data response question from a choice of two.