Economics (AS/A level)

Specific Entry Criteria

Grade C in English Language and grade C in Higher Maths.

About the Subject

The study of economics aims to give students an understanding and awareness of the basic economic questions and problems facing the UK and the International community. In this course you will develop an understanding of current economic issues and problems that affect everyday life. You will apply these concepts to a range of situations to explain real world phenomena. You will also assess the market economy and the role of government.

Common areas for discussion will be ‘why are house prices so high’; ‘can pollution effectively be controlled’, ‘should governments interfere with markets’ and ‘how are we affected by the Chinese and Indian economies’.

Many students see economics as good preparation for further study at university, giving opportunities for a variety of interesting and wellpaid careers. For others Economics is a valuable AS course to complement their main interest in other subjects.

Course Content

Year 1

The first year course consists of two units.

The first unit is called ‘Markets and Market Failure’. It covers a basic investigation into the economic problem and basic economic principles. This will include an understanding of how resources are allocated in competitive markets, production and efficiency, government intervention and market failure. Students will study important current topics such as whether the Government should encourage private businesses to run schools and hospitals, whether university students should have to pay tuition fees and why the EU won’t allow Sky to have an exclusive contract for Premiership football matches.

The second unit is ‘The National Economy’, this covers major economic issues such as inflation, unemployment and interest rates, with attention given to Government policies on taxation, interest rates and exchange rates. You will look at how the UK performs and compare this against European and World economies. You will also investigate how the macro-economy works, by analysing demand and supply and how firms calculate their costs and profits.

Year 2

In the second year, another two units are studied. At A2 students are encouraged to think at a higher level, to analyse information and data, to evaluate different economic issues, to recommend and justify courses of action, always presenting their case and supporting it with appropriate theory. Both second year modules pick up on themes developed at AS but places the focus on judgement, analysis and evaluation.

In ‘Business Economics and the Distribution of Income’, which investigates the theory of the firm, competitive markets, concentrated markets, the labour market and government intervention.

The second unit at A2 is ‘National and International Economy’. This builds upon the concepts raised at AS, but is focused on managing the national and international economy.

Assessment

AS units are assessed by two external examinations; each module examination is one hour 15 minutes.

A2 units three and four are assessed by two hour external examinations.