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The study of economics is excellent preparation for those learners wishing to take a degree in economics or business. Economics looks at the choices that individuals, businesses and nations make in response to limited resources. It is a theoretical discipline that attempts to predict future market trends, analyse the relative merits of different types of market and provide advice to governments and international bodies about the likely effects of their economic policies upon individuals, industries and the whole economy.
In this course, you will study the following.
Micro – The operation of markets and market failure
- Economic methodology and the basic economic problem
- Markets – supply, demand and price determination; elasticity of demand and supply; interrelated markets
- Production, costs, revenue and profit
- Competitive and concentrated markets
- Market failure – causes and consequences
- Government intervention to correct market failure; government failure
Macro – The national economy in a global context
- Macroeconomic performance
- Circular flow of income
- Aggregate demand and aggregate supply
- Macroeconomic policy objectives, including: economic growth and the economic cycle; inflation and deflation; employment and unemployment; balance of payments on the current account; and international competitiveness
- Government policy, including; monetary policy; fiscal policy; and supply-side policies
Micro – Individuals, firms, markets and market failure
- Individual economic decision-making, including traditional and behavioural economics
- Theory of production, costs and revenue
- Competitive markets and perfect competition
- Concentrated markets – theory of monopolistic competition, monopoly, oligopoly and contestable markets
- The labour market – demand, supply and wage determination, trade unions and the National Minimum Wage
- The distribution of income and wealth
- Government intervention for environmental market failures
Macro – The national and international economy
- More theory relating to the macroeconomic objectives, e.g. the quantity theory of money and inflation; voluntary/involuntary unemployment
- Financial markets and monetary policy
- The international economy, including globalisation, economic integration, the balance of payments and exchange rates
- Economic growth and development
How will I know how I am doing?
There are a range of exam questions; the exam papers include multiple-choice, short answer, diagram and calculation questions, and also extended essays. The overall A-level grade will be determined by three 2-hour papers at the end of the course, one based on micro-economics and one on macro-economics, and one synoptic paper.
What do I need to join?
Five GCSEs at grades 4–9, including grade 5/B in English and Maths.
You will be required to do a minimum of 36 hours of work experience. This is usually completed in a week during term time where you will have the opportunity to explore a career field which takes your interest, with the aim of giving you an insight into full-time working life. In the lead-up to this week, you will be asked to create an exciting CV during a group tutorial period.
What can I do next?
Your A-level in Economics can lead you onto a wide range of degrees, including economics, business, social sciences and engineering. Possible career choices A-level Economics can offer you include accountancy, stockbroking, banking and financial services – however, most require a higher level of education. Economics will boost your employability in many areas, regardless of the industry you work in. This reflects a strong demand for highly numerate graduates throughout the global labour market, and the widely transferable analytical and problem-solving skills developed by economics students.
Course information last updated: Friday 30th July 2021 @ 8.30am (2 days ago)