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Economics

Summary

With the current state of world economics and the impact it is having on individuals, businesses and whole countries , why would you not want to study this fascinating subject at A Level? Economics is an interactive ‘real’ subject – you do it in lessons and then engage in it every day. From our individual desire to consume, and businesses driving for profit, how do economies achieve the optimal solution for all? Or will there always be winners and losers?

“Economics is a great subject as it helps us to understand how and why certain things happen. Not only does it explain to us how people have to make the best with their limited resources but also makes sense of many of the key points often debated by Government. Studying economics has enabled us to watch things like the budget and be able to talk about the effectiveness of the policies announced.”

Harrison & Charlotte, AS Economists, 2016

Where will Economics take me?

Economics is relevant to everyone, and an A-Level in the subject provides a deep understanding which will prepare you for careers across many fields. Specifically many people go on to work in banking and investment, law, consultancy, accountancy and actuarial sciences.

Guidance and Support

Lessons are taught in a variety of ways from; simulations and role play to seminars and peer teaching to enhance students learning as well as their soft skills. From Term 2 onwards CBT sessions are in place for students to gain additional support, but the subject is taught with an ‘open door’ approach, therefore if you’re not sure, just ask!

Trips and Enrichment

There are plans to offer a trip to New York in the future as well as opportunities to hear from experts in the field. In 2015 we visited Sheffield University to hear a lecture from Sir Vince Cable on the 2008 recession. The Big Challenge is also run as a CBT option, which is of particular interest to economic students who have an opportunity to develop their entrepreneurial skills and enhance their CV.

Eligibility

Economics is available to all students at the Academy. The Academy’s general entry criteria apply.

AS Subject Content 

The operation of markets and market failure 

  • Economic methodology and the economic problem
  • Price determination in a competitive marke
  • 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

Assessment

In 2016-17 we will continue with assessment at both the end of the AS year and the A2 year. The AS results will not form part of your final A Level result but will endeavour to provide data for internal tracking and UCAS. Assessment details for AS are as follows:

AS Assessment

Paper 1 - (The operation of markets & market failure)

Paper 2 - (The national economy in a global context)

What's assessed

Content 1–5 above

What's assessed

Content 6–9 above

Assessed

written exam: 1 hour 30 minutes, 70 marks

50% of AS

Assessed

written exam: 1 hour 30 minutes, 70 marks

50% of AS

Questions

Section A: 20 multiple choice questions worth 20 marks

Section B: data response questions requiring written answers, choice of one from two contexts worth 50 marks 

Questions

Section A: 20 multiple choice questions worth 20 marks

Section B: data response questions requiring written answers, choice of one from two contexts worth 50 marks 

 A– Level Subject content

Individuals, firms, markets and market failure 

  • Economic methodology and the economic problem
  • 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 macroeconomic performance
  • How the macro economy works the circular flow of income, AD/AS analysis and related concepts
  • Economic performance
  • Financial markets and monetary policy
  • Fiscal policy and supply-side policies  
  • The international economy

Additional Information

Tutor: Helen Deighton - This email address is being protected from spambots. You need JavaScript enabled to view it.