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Economics

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

5 in English Language and 5 in Maths, or a 6 in Economics.

Students require a D Grade in their AS Level or end of year exam to progress from Year 12 to Year 13.

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 AS Course students will sit 2 written exams, both last for 1 hour 30 minutes. Each Paper makes up 50% of the AS Qualification:

Paper 1: Component of markets and Market Failure. This paper includes multiple choice questions, and 1 data response question from a choice of 2. 
Paper 2: The national economy in a global context. This paper includes multiple choice questions and 1 data response question from a choice of 2.

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 - As level 

At AS the main topics 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.
units of study -A level 

The main topics for A-level course include all the AS topics. and:

  • 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.