Year 12 Economists

Weekly Update 7

"If a free society cannot help the many who are poor, it cannot save the few who are rich."

- John F. Kennedy

How Rich Are You? (Top 1%)

A timely television programme on Channel 4 entitled "How Rich Are You?" was shown tonight at 8pm (for those who missed it - please feel free to watch the replay on 4oD). As discussed, the distribution of income and wealth in the UK is wider than ever before and the economic analysis that took part on this issue was quite fascinating. This is a topic that I am extremely passionate about and as a key believer in social mobility, I personally found this perspective to be rather refreshing. To an extent, I agree that the current system is engineered to ensure that the rich remain rich and the poor remain poor. However, the fact that personal finance is not even taught in schools is unbelievable to say the least and further perpetuates this problem of inequality that exists. Anyway, I'll be interested to hear some of your thoughts on the matter as we cover the main factors that influence the level of consumption in an economy this week.

P.S. I'm super surprised that I in fact make up the top 1% of income earners in the UK! (see picture above). Take the test here:

P.P.S On Wednesday 12th November - news reports that average wage growth has now outstripped inflation for the first time in five years. See the BBC article here:

Steve Jobs' 2005 Stanford Commencement Address

Progress Folders: 12D/Ec1 Homework

All marked assessments need to be re-drafted for our lesson tomorrow. Evidence of this will in fact permit entry to the lesson - so please ensure this is done! As requested, the Exam Mark Scheme for the mid-term assessment can be found here.

Revision Notes

A new dropbox account has been created that includes revision notes on all macro topics:


Login details below:


Password: greatstudents

The revision notes for this week's topic: Consumption can be found here:

Applications are now open for The Sutton Trust US Programme!

Tuesday, Nov. 11th, 12pm

Apply Online

The Sutton Trust US programme includes:

  • A week-long visit to the States where students will get a taste of US higher education and culture
  • Four UK based residentials to receive comprehensive admissions advice
  • Support from our dedicated team of knowledgeable advisors throughout the process of applying for admissions and financial aid at American universities
  • In-depth admissions test preparation
  • Guidance for parents and teachers
  • A chance to meet other UK students interested in studying in the US

To be eligible to apply, applicants must:

  • Be in Year 12* or equivalent (eg S5 in Scotland)
  • Attend a state school or college
  • Not hold US citizenship
  • Be from a low or middle income family

We are looking for applicants meeting all (or most) of these criteria:

  • Have earned 8 or more As or A*s at GCSE or the equivalent (eg 7 or more credit passes at Scottish Standard Grade)
  • Show commitment to the programme and interest in US culture and higher education
  • We also welcome applications from students who would be the first in their families to go to university and from schools and colleges with little history of sending students to US universities.

Application: Students may apply online at

Student Application Deadline: 27 January 2015 (by noon)
School Reference Deadline: 29 January 2015 (by noon)

For more information about the Sutton Trust US Programme:

Visit the US Programme website. We will also be hosting a webinar about the programme on Tuesday, 2 December (4 pm – 5 pm). Be sure to tune in for more information about study in the US as well as US Programme application tips!

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Top Revision Videos:

This is just a reminder that the Economics AP1 Exam will take place on Friday Nov 14th (Period 2)

Frequently Asked Questions

Q. What support is currently available to me in Economics?

A. 5 Hours worth of lessons every fortnight, 1-1 drop in sessions, weekly email blasts, regular homework and assessment, career opportunities/guidance, access to my network, help with CV's/Personal Statements, 1 hour revision sessions (starting next week), one fortnightly phone call home, individualised academic support, exam coaching and personal mentoring.

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Karate Kid movie Mr. Miyagi Lessons now make sense