As well as leading to an exciting career, Economics is a great subject because it includes lots of debate and real life topics, and the study of how people behave and interact with each other. The regular discussions on how consumers, manufacturers and government react to each other, or might in the future, makes Economics my favourite subject.

Hafsah Bhamji

Hafsah Bhamji

Course Description

Students will develop the knowledge and skills needed to understand and analyse current economic issues and make informed decisions as to how these issues may be resolved. The course involves looking into individual consumers, firms, markets and market failure, and then moves on to examine the national and international economies.

Entry Requirements

Achieve 5 or more standard GCSE passes or higher (grade 4 or higher).

Strong numeracy skills are required on this course.

If a student is applying for a course in a subject that they have studied at GCSE it is expected that a student would have achieved at least a standard pass (grade 4) in this subject.

Course Content

Unit 1 – Markets and Market Failure
The unit introduces students to Microeconomics. This involves the study of individual markets within the economy, the behaviour of individual consumers and producers, and why they make the decisions which they do. Basic microeconomic models such as demand and supply, the operation of the price mechanism, and causes of market failure are central to this module.

Unit 2 – The National and International Economy
The course subsequently moves onto the National and International Economy. Students develop a critical approach to economic models such as UK government fiscal and monetary policies. They should be able to analyse and evaluate the causes of changes in macroeconomic indicators in greater and greater depth as their course of study progresses The course content involves looking into globalisation, exchange rates and the benefits and drawbacks of the European Union for the UK.

Unit 3 – Economic Principles and Issues
This unit introduces students to the objectives of firms, such as profit maximisation, and considers the different markets in which they operate. This involves the study of monopoly and oligopoly markets which are made up of different concentrations of firms. This unit also looks at the issues in the labour market and examines wage determination in terms of why people are paid varying amounts for their labour. Ever wondered why footballers are paid so much? To end the unit, students will examine the methods of government intervention to correct any market failures.

Assessment

Unit 1 – Markets and Market Failure
Written exam: 2 hours
80 marks
33.3% of A Level

Unit 2 – The National and International Economy
Written exam: 2 hours
80 marks
33.3% of A Level

Unit 3 – Economic Principles and Issues
Written exam: 2 hours
80 marks
33.3% of A Level

Future Opportunities

Economics is a versatile subject that can help students in a number of careers. Not only could they find themselves working for big corporations, banks or the government, but their qualification in Economics could also be valuable support in a career like marketing, law, journalism or teaching. It is also a very highly regarded subject when it comes to entry for competitive university places.

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