No matter what you do in your future, at some point you will need to have knowledge of the economy, and the study of economics will help you to understand the environment within which you live. Economics analyses the choices individuals, businesses and nations make in response to limited resources. Economics uses theory to attempt to predict future market trends, to analyse the relative merits of different types of market and to advise governments about the likely effects of their economic policies upon individuals, firms and the whole economy. Economics is divided into micro-economics and macro-economics. Micro-economics looks at individual markets within the economy and focuses on resources, costs, the theory of demand and supply, market failure and how the government intervenes to try to correct these failures (e.g. obesity and sugar tax, gambling and caps on bets, etc). Macro-economics is concerned with the study of the whole economy and analyses topics such as employment, inflation, taxation, interest rates and exchange rates. In this course you will study: Year 1: 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 • Macro-economic performance • Circular flow of income • Aggregate demand and aggregate supply • Macro-economic 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; supply-side policies Year 2: 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 macro-economic 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
What do I need to join?
5 GCSEs at grades 4–9, including grade 5/B in English and Mathematics.
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.
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.Apply for this course
Course information last updated: Tuesday 12th November 2019 @ 10.50am (5 days ago)