Economics as a course aims to help students develop an understanding of economic issues, problems and institutions that affect everyday life. Students will learn how to analyse, explain and evaluate the strengths and weaknesses of the economy, and the role of government within it. Economics has become an increasingly popular subject to study by students seeking to understand the changing national and international economic and political environments. This course would suit those students who enjoy a challenge and have a genuine interest in the economy and the wider world.
3 x 2 hour examinations, weighted equally.
The College expects students to have
Grade 6 in Maths and 5 in English’
Economics is a rigorous A Level, highly regarded by universities and employers. Graduate economists can develop careers, for example, in banks and financial institutions, business and government.
Section 1: Individuals, firms, markets and market failure
The first component is about microeconomics. This is the study of consumers, firms and markets. Students will learn microeconomic models and apply these to current problems and issues. We consider why consumers behave as they do and how firms make their decisions. We explore situations where markets do not deliver effective solutions for society and how governments may intervene to correct this. Content includes:
- Economic methodology and the economic problem
- Individual economic decision making
- Price determination in a competitive market
- Production, costs and revenue
- Perfect competition, imperfectly competitive markets and monopoly
- The labour market
- The distribution of income and wealth: poverty and inequality
- The market mechanism, market failure and government intervention in markets
Section 2: National and international economy
This section is about macroeconomics which is the study of the whole economy. Students will learn about issues affecting a country’s economy such as unemployment, inflation and the trade balance. Students should have a good knowledge of developments in the UK economy and government policies in recent years. Content includes:
- The measurement of macroeconomic performance
- How the macroeconomy works
- Economic performance
- Financial markets and monetary policy
- Fiscal policyandsupply side policies
- The international economy
Section 3: Economic principles and issues
This is a synoptic paper which draws together learning from both of the previous units. There is no new content for this paper.