Economics
Ms E Benjamin – ebenjamin@sackvilleschool.org.uk
Economics is not all about numbers; it is the study of the world around us from a social, financial and cultural perspective, gaining an understanding of economic theories and interrelationships between macro and micro economic issues.
Being confident handling numbers is required to study A Level Economics as it deals with statistical and mathematical problems using information of varying numerical types i.e. tables and graphs. However, it is not only about maths. It is a social science, so its application into real life is visible and constant through many streams; politics, education, the environment, health care or simply your living costs.
Economics is a highly regarded academic subject which can provide the underpinning knowledge, awareness and skills to progress to a wide range of further studies and professions. It is also a subject which will help you develop a range of applied skills that are highly valued by employers and universities.
Studying this subject will enable you to:
- Develop an interest in and enthusiasm for the study of the subject.
- Appreciate the contribution of economics to the understanding of the wider economic and social environment.
- Develop an understanding of a range of concepts and an ability to use these concepts in a variety of different contexts.
- Use an enquiring, critical and thoughtful approach to the study of economics and an ability to think as an economist.
- Develop skills, qualities and attitudes which will equip you for the challenges, opportunities and responsibilities of adult and working life.
One of the main reasons the subject is so highly valued by employers is because of its almost unique blend of mathematical analysis with rhetorical argument. The discipline allows students to hone their persuasive writing skills, and to use mathematical and diagrammatic methods to convey their contentions.
This course is structured into four coherent themes. Students build knowledge and understanding of core economic models and concepts in Themes 1 and 2, and then build on this and apply their knowledge to more complex concepts and models in Themes 3 and 4.
Students will need to apply their knowledge and understanding to both familiar and unfamiliar contexts in the assessments and demonstrate an awareness of current economic events and policies.
Theme 1: Introduction to markets and market failure
This theme focuses on microeconomic concepts. Students will develop an understanding of:
- Nature of economics
- How markets work
- Market failure
- Government intervention
Theme 2: The UK economy – performance and policies.
This theme focuses on macroeconomic concepts. Students will develop an understanding of:
- Measures of economic performance
- Aggregate demand
- Aggregate supply
- National income
- Economic growth
- Macroeconomic objectives and policy
Theme 3: Business behaviour and the labour market
This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics. Students will develop an understanding of:
- Business growth
- Business objectives
- Revenues, costs and profits
- Market structures
- Labour market
- Government intervention
Theme 4: A global perspective
This theme develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global context. Students will develop an understanding of:
- International economics
- Poverty and inequality
- Emerging and developing economies
- The financial sector
- Role of the state in the macroeconomy.
In Year 12, students will study Theme 1 and Theme 2. This content is developed further in Year 13 with the study of Theme 3 and Theme 4.
Paper 1: Markets and Business Behaviour
Written exam (2hrs) that comprises multiple-choice and short-answer questions, a data response question and an extended open-response question. This paper is worth 35% of the overall marks for this qualification.
Paper 2: The National and Global Economy
Written exam (2hrs) that comprises multiple-choice and short-answer questions, a data response question and an extended open-response question. This paper is worth 35% of the overall marks for this qualification.
Paper 3: Microeconomics and Macroeconomics
Written exam (2hrs) that comprises two data response questions broken down into a number of parts, including a choice of extended open-response questions. This paper is worth 30% of the overall marks for this qualification.
This course will help you to develop the following employability skills:
- Ability to forecast and project
- Ability to write reports and interpret events
- Analytical skills
- Communication skills
- Numeracy skills
- Understanding of the market place and wider world
Next Steps
This A Level can lead to degrees in many subjects including Economics, Business Studies, Social Sciences and Engineering and is recognised by Russell Group universities. Post university employment rates of economists are among the highest for graduates. Around half of those with an Economics degree enter careers in accountancy, actuarial work, banking and insurance. Others use their analytical skills in business intelligence, market research, retail merchandising and social research.
10 Possible Careers
- Accountant
- Actuary
- Data Analyst
- Economic Researcher
- Economist
- Financial Consultant
- Financial Planner
- Financial Risk Analyst
- Investment Analyst
- Public Sector Role
