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Economics

Economics is about choices and the impact of our choices on each other. It relates to every aspect of our lives, from the decisions we make as individuals or families to the structures created by governments and firms. The ability to ‘think as an economist’ can help us to make better choices but also to understand the actions of organisations and government’s.

Those who have studied History, Geography or Business Studies at GCSE will already have a good idea of how much Economics can affect us all. The course is broadly split between ‘microeconomics’ (essentially the impact of decision making by individuals and firms) and ‘macroeconomics’ (concerning the UK’s economy and international economies). 

Students should have a keen interest in business, news, politics and current affairs so that they can see how the sometimes rather abstract theories of Economics work out in practice, as well being comfortable with numbers and performing straightforward calculations to solve problems.  We direct our efforts towards developing economists with critical, creative, and thinking skills along with a sense of social commitment and the capability to contribute to socioeconomic development. 

Courses Offered

A Level Economics (AQA  7136 specification)

Syllabus Breakdown

The course is synoptic meaning that topics that are covered in Year 1 are revisited and extended in more depth in Year 2 with some additional topics shown as NEW below.

Paper 1 – Microeconomics: ‘Individuals, firms, markets and market failure’

  1. Economic methodology and the ‘economic problem’

  2. Individual economic decision making / ‘Behavioural economics’) - NEW

  3. Price determination in a competitive market

  4. Production, costs and revenue

  5. Perfect competition, imperfectly competitive markets and monopoly

  6. Labour markets - NEW

  7. Distribution of income and wealth: poverty and inequality - NEW

  8. The market ‘mechanism, market failure and government intervention

2 hour exam worth 80 marks which forms 33 % of the A-level

Paper 2 – Macroeconomics: ‘The national and international economy’  

  1. Measuring macroeconomic performance

  2. How the macroeconomy works: the circular flow of income, AD/AS analysis

  3. Economic performance

  4. Financial markets and monetary policy - NEW

  5. Fiscal policy and supply-side policies

  6. The international economy – NEW

2 hour exam worth 80 marks which forms 33% of the A-level

 

Paper 3 – Economic Principles and Issues

This is ‘synoptic’ paper, and brings together both micro and macro topics! It has 30 multiple choice questions and a case study where you take on the role of an economist to advise an organisation. The focus is on seeing how economic theory applies to the ‘real world’ and can affect the lives of us all.

2 hour exam worth 80 marks which forms 33% of the A-level

Subject Key Concepts


#1 Scarcity     #2 Choice    #3 Efficiency    #4 Equity   

#5 Economic well-being     #6 Sustainability    #7 Change    #8 Interdependence     #9 Intervention

Please click here for Subject Key Concepts.

Minimum Entry Requirements 

In addition to the general Sixth Form entry requirements of five GCSEs at grade 4 or above, but Grade 5 or above in GCSE Maths and English is preferable. 

Why Study Economics? 

Economics deals with how the World earns and spends its wealth, and anybody who wants to understand how modern societies work, or, indeed, sometimes fail, should find the subject of great interest. Those who have studied History, Geography or Business Studies at GCSE will already have a good idea of how much Economics can affect us all.

It is a good complement to those subjects at A level but also Politics, mathematics and science. 

 Wider Opportunities 

Opportunities to attend external events e.g. Economics in Action, Cambridge Women in Economics Day, various guest speakers and external material used throughout the course, including the Economic Review magazine and The Economist. 

What Our Students Say: 

“I enjoyed Economics and it enhanced my other studies. It gave me a ‘business like’ overview of how it impacts on countries and people. It assisted me in making my university choice.”

What Can I Do Next?

This would be a valuable qualification for those going on to any of the wide variety of Economics or Business related degrees, HNDs or apprenticeships, for example in the Civil Service that are available. It is also a well-respected academic qualification in its own right which will support applicants wishing to study in any subject area. Students may well also find it to be a valuable addition to their CV if their career, at some stage, becomes involved with business of any kind – which could well be the case for most. 

Those wishing to pursue Economics at a higher level would also find A Level Mathematics highly advantageous. Well qualified economists are highly sought after by Industry, the City and the Civil Service. In addition, Economics is often an important part of many qualifications from professional bodies such as those offered in accountancy and banking.

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