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Head of Department:
Mr S Collins
Why choose the subject?
Economics is the study of the ways in which people, businesses and governments use resources. It covers a variety of topics, including production and consumption of goods, efficiency, macroeconomic and microeconomic policies, the international economy, market failure and more. Your studies will teach you a lot about the world we live in today. You will learn all about how economics affects the planet and population through the ways we live. You will also discover how we can improve the economy to benefit the whole world.
Who is eligible?
There are no prior learning requirements. The syllabus assumes no previous study of Economics but allows for a progression from GCSEs in this subject. Students need to achieve at least a grade 6 in Mathematics at GCSE.
Qualification Type: A Level Only (2 year)
Specification: Year 2023/2025 Advanced Level Award Examination Board: AQA
The course is made up of micro and macroeconomics and helps to understand and explain many events in the news. Microeconomics includes topics such as the impact of obesity and alcohol misuse on society. Macroeconomics addresses a wide range of national and international issues for example, controlling the economy, government debt and the impact of economies such as China and India on the UK.
We study a range of topics that fit into three different external examinations:
Individuals, firms, markets and market failure
1 Economic methodology and the economic problem
2 Individual economic decision making
3 Price determination in a competitive market
4 Production, costs and revenue
5 Perfect competition, imperfectly competitive markets and monopoly
6 The labour market
7 The distribution of income and wealth: poverty and inequality
8 The market mechanism, market failure and government intervention in markets
The national and international economy
9 The measurement of macroeconomic performance
10 How the macroeconomy works : the circular flow of income, AD/AS analysis, and related concepts
11 Economic performance
12 Financial markets and monetary policy
13 Fiscal policy and supply-side policies
14 The international economy
Paper 1: Markets and Market Failure
2 hours: Individual economic decision making. Perfect and imperfect markets and monopoly. The labour market. The distribution of income and wealth. Poverty and inequality.
Section A: Data response question – 40 marks
Section B: Essay – 40 marks
Paper 2: National and International Economy
2 hours: Financial markets and monetary policy. Fiscal policy and supply – side policies. The International Economy.
Section A : Data response – 40 marks
Section B: Essay – 40 marks
Paper 3
2 hours
Section A: Multiple choice questions – 30 marks
Section B: Case study questions – 50 marks
Economics, at its core, is the study of how to evaluate alternatives and make better choices. It develops critical-thinking and problem-solving skills to make good decisions. It develops analytical skills to examine data to support good decisions. These skills are desired across careers in the public and private sectors. An annual study by the National Association of Colleges and Employers (NACE) consistently finds that employers want the skills gained from studying economics—the ability to make decisions, solve problems, obtain and process information, analyze data, and write and speak effectively.
This course is commonly studied with:
As an A-Level subject, economics complements several other A-Level courses, including business studies, politics, mathematics and modern foreign languages.
Future Careers:
Economist, Financial risk analyst, Data analyst, Financial planner, Accountant, Economic researcher, Financial consultant, Investment analyst.