The aim of the course is to introduce students to the core elements of Macroeconomics and Microeconomics within a contemporary framework that they can relate to. This is often achieved by challenging students to apply their understanding of these economic principles to real-life businesses that are influential within today’s society. The course also exposes students to the role that governments have in managing the economy which will help them gain a greater understanding of the world that they live in.

APS of 5.5 or above
GCSE English Language grade 5 or above
GCSE Mathematics grade 5 or above

GCSE of 4 or above in Business Studies if studied at GCSE, or L2 BTEC Distinction in Business course if studied.

Theme 1: Markets, consumers and firms
Theme 1 provides students with an introduction to some key Economic agents and how they play a vital role within our society. Students will learn how markets work and how market forces shape the way in which firms meet consumer demand. Furthermore, the content also covers why markets fail and what could be done to prevent this from occurring. Topics within this theme include ‘Price determination’ and the ‘Role of banks in the economy’.

Theme 2: The wider economic environment
This theme aims to broaden student horizons by studying how governments may react to changes/threats within the economy domestically and abroad. Students will aim to understand and consider the different approaches that could be made by policy makers when intervening within the economy. Topics within this theme include ‘Growth’ and ‘How the digital economy affects markets and firms’.

Theme 3: The global economy
Within this theme, students learn how globalisation effects the economy in a range of ways. One of the main elements of this theme is studying the role that global companies have on labour markets, poverty and income distribution. As the world becomes increasingly interconnected, this theme tackles some of the most contemporary issues that are facing many governments today.  Topics within this theme include ’Trading blocs’ and ‘Redistribution of income and wealth’.

Theme 4: Making markets work
Building on the work covered in Theme 1, ‘Making markets work’ focuses on the role of regulation/government policies and how it aims to ensure that financial markets operate in the correct manner. The content of this theme encourages students to consider the impact that financial markets have on society and how governments aim to intervene in a positive way. Topics within this theme include ‘The Spectrum of competition’ and ‘Oligopoly’.

Paper 1 – Markets and how they work (35% of total qualification)
Written exam: 2 hours

Paper 2 – Competing in the global economy (35% of total qualification)
Written exam: 2 hours

Paper 3 – The economic environment and business (30% of total qualification)
Written exam: 2 hours

All exams are 2 hours each and 100-marks per paper.

Economics is a subject highly-regarded by employers and universities alike because students develop a wide range of transferable skills. While lots of students go on to work in roles in financial services, both as graduates and straight from college, broader commercial applications include management and marketing and economics opens other career paths including working in the Civil Service, education, the legal profession and journalism.

Learners should always check the entry requirements for degree programmes with specific higher education providers.