Economics
Economics provides learners with a language that helps them to understand that every decision is an economic decision and that all decisions taken come with a consequence.
Learners will be active economic citizens, and they will be given the toolkit needed to explore how financial markets, individuals, and the public and private sectors are all striving to make the best decisions they can; given that there are infinite wants and finite resources.
Economics fits well with other social sciences, such as Business, Sociology, Psychology, History, as well as Humanities, such as Geography and Religious Studies.
We follow the Edexcel A level specification.
The current economic climate is endlessly featured in the news, from topics of GDP (Gross Domestic Product) and inflation to unemployment and trade. Economics helps you to make sense of all the headlines and news, while also helping you to make more informed judgements and form opinions around the politics that intertwines with the subject.
We study the behaviour of people and society, and consider how we can solve the basic economic problem of scarcity. We investigate production, consumption and transfer of wealth, and explore both microeconomic and macroeconomic topics through the idea of a market and its structures (monopoly, oligopoly and perfect competition).
You will need to regularly consolidate class learning by reviewing your notes, creating revision resources and flashcards or by watching videos and reading articles. To access the higher marks you will need to use real life examples and situations, you need to keep a scrap book of news articles relating to economic stories from the UK and around the world.
Course content
The course is a 2 Year linear A level course which is formally examined at the end of Year 13.
Theme 1: Introduction to markets and market failure (Microeconomics).
• Look at different economic structures.
• Price mechanism – drawing supply and demand diagrams and analysing changing equilibria.
• Market failure and government policies to correct or remove the failure.
Theme 2: The UK economy – performance and management (Macroeconomics).
• Measures of economic performance.
• Investigate the performance of the UK over the last 10 years.
• Economic management to achieve the objectives.
• Understand the response to the Great Depression and the Financial Crisis by the US and the UK governments.
Theme 3: Business behaviour and the labour marketing (Microeconomics)
Theme 4: A global perspective (Macroeconomics)
Future Opportunities: Economics provides you with good analytical thinking skills which are sought after by universities and employers.
A minimum of five subjects at grade 4 (or above) including English Language at grade 5 (or above) and Maths at grade 5 (or above).
The four themes are assessed across three examinations, each two hours long.
The examinations have a range of questions from multiple choice answers to 25 mark essay questions.
More information can be found at: https://qualifications.pearson.com/en/qualifications/edexcel-a-levels/economics-a-2015.html
