Economics (A Level)
Course Overview
Economics is the study of how society allocates it scarce resources between competing uses.
Economics is a useful background subject for further study in a variety of areas, e.g. journalism and law, but is also a key element of subjects such as marketing, finance, accounting and insurance as well as courses including retail or sports management, and urban planning. Of course, the subject remains a key area of knowledge and understanding for all future citizens, consumers and producers.
Economics is a lively subject; study usually involves opportunities to participate in visits to conferences, visits to the City of London, competitions, individual and group presentations and access to the local business community.
Entry Requirements
6 in English Language and 6 in Maths, and a 6 in Economics if studied.
Qualities Required
- An interest in/awareness of current affairs
- A logical, coherent approach to problem solving
- A desire to engage in regular background reading
- An inquisitive mind
- A willingness and ability to work independently, showing initiative, organisation and perseverance
- An ability to communicate effectively
- Some mathematical ability in using and interpreting data.
Links with Other Subjects
Frequently studied alongside Mathematics, Geography and English, but increasingly with a wide spread of other subjects. Economics is becoming an essential element of study in a variety of HE courses from Law to Engineering, including of course Business/Management.
Exam Board
AQA
Method of Assessment
For the A-level course students will sit 3 exams, both last for 2 hours. Each paper makes up 33.3% of the total A-level:
Paper 1: Component of market and Market Failure. This paper includes 1 data response question from a choice of 2 and 1 essay from a choice of 3.
Paper 2: National and international economy. This paper includes 1 data response question from a choice of 2 and 1 essay from a choice of 3.
Paper 3: Economic principles and issues: This paper includes multiple choice questions and 1 case study with questions.
units of study -A level
The main topics for A-level course include:
- The operation of markets and market failure
- Economic methodology and the economic problem
- Price determination in a competitive market
- Production, costs and revenue
- Competitive and concentrated markets
- The market mechanism, market failure and government intervention in markets
- The national economy in a global context
- The measurement of macroeconomic performance
- How the macro economy works : the circular flow of income, AD/AS analysis, and related concepts
- Economic performance
- Macroeconomic policy
- Individuals, firms, markets and market failure
- The economic problem and methodology
- 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
- The national and international economy
- The measurement of economic performance
- How the macro-economy works: circular flow of income, aggregate demand/ aggregate supply analysis
- Economic performance
- Financial markets and monetary policy
- Fiscal policy and supply side policies
- The international economy.