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Economics

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Economics is a subject dealing with the issues of today. It aims to develop an understanding of the national, international and global economy. As well as studying the theories that underlie the subject, students will develop an economist’s ‘tool-kit’ of skills that enable them to research and analyse economic problems. A wide variety of economic issues will be studied ranging from scarcity and how much workers get paid; road congestion and environmental pollution; to globalisation and the rise and fall of countries like Greece and the BRICs. Students need to be interested in current affairs and should preferably have gained grade C at GCSE in both English and Maths. Students interested in Business Studies, History, Politics, Geography and Maths should find that Economics complements these subjects, although Economics goes well with any other subject.

 

From September 2017 there is the possibility for some students to take the IGCSE Economics qualification. Students will be taught alongside AS and A level students.


A-Level Economics

Economics is a subject dealing with the issues of today.  It aims to develop an understanding of the national, international and global economy.  As well as studying the theories that underlie the subject, students will develop an economist’s ‘tool-kit’ of skills that enable them to research and analyse economic problems.  A wide variety of economic issues will be studied ranging from scarcity and how much workers get paid; road congestion and environmental pollution; to globalization and the rise and fall of countries like Greece and the BRICS.

 

Students need to be interested in current affairs and should preferably have gained grade C at GCSE in both English and Maths. Students interested in Business, History, Politics, Geography, Languages and Maths should find that Economics complements these subjects, although Economics goes well with any other subject.

 

From September 2017 there is the possibility for some students to take the iGCSE Economics qualification.  Students will be taught alongside AS and A-level students.

 

Course content:

AS Economics (8Eco)

Two themes are examined at the end of Year 12 for a stand-a-lone qualification.

 

Theme 1

Introduction to markets and market failure

1.1       Nature of economics

1.2       How markets work

1.3       Market failure

1.4       Government intervention

 

Theme 2

The UK economy – performance and policies

2.1       Measures of economic performance

2.2       Aggregate demand

2.3       Aggregate supply

2.4       National income

2.5       Economic growth

2.6       Macroeconomic objectives and policy

 

Examinations:

Paper 1 – Introduction to markets and market failure

Questions drawn from theme 1

80 marks, 1.5 hours; 50% of qualification

Section A: multiple-choice and short-answer questions

Section B: one data response question broken down into a number of parts, each including one extended open response question (choice of one from two for extended open response questions)

 

Paper 2 – The UK economy – performance and policies

Questions drawn from theme 2

80 marks, 1.5 hours 50% of qualification

Section A: multiple-choice and short-answer questions

Section B: one data response question broken down into a number of parts, each including one extended open response question (choice of one from two for extended open response questions)

 

A-Level Economics (9ECO)

Four themes, all examined at the end of Year 13 for a stand-a-lone qualification.  (The content for themes 1 and 2 is the same for both AS and A level qualifications.)

 

Theme 1

Introduction to markets and market failure

1.1       Nature of economics

1.2       How markets work

1.3       Market failure

1.4       Government intervention

 

Theme 2

The UK economy – performance and policies

2.1       Measures of economic performance

2.2       Aggregate demand

2.3       Aggregate supply

2.4       National income

2.5       Economic growth

2.6       Macroeconomic objectives and policy

 

Theme 3

Business behaviour and the labour market

3.1       Business growth

3.2       Business objectives

3.3       Revenues, costs and profit

3.4       Market structures

3.5       Labour market

3.6       Government intervention

 

Theme 4

A global perspective

4.1       International economics

4.2       Poverty and inequality

4.3       Emerging and developing economies

4.4       The financial sector

4.5       Role of the state in the macro-economy

 

Mode of assessment

These courses are assessed by examination only.  Students will take two exams for their stand-alone AS economics at the end of Year 12.  Students who continue economics into Year 13 will take three examinations for the full A-level qualification.

 

Examinations

Paper 1 – Markets and business behaviour

Questions drawn from Theme 1 and Theme 3

100 marks, 2 hours; 35% of qualification

Section A: multiple-choice and short-answer questions

Section B: one data response question

Section C; one extended open response question [choice of one from two)

 

Paper 2 – The national and global economy

Questions drawn from Theme 2 and Theme 4

100 marks, 2 hours; 35% of qualification

Section A: multiple-choice and short-answer questions

Section B: one data response question

Section C: one extended open response question [choice of one from two)

 

Paper 3 – Microeconomics and macroeconomics

Questions drawn from all themes

100 marks, 2 hours; 30% of qualification

Two data response questions broken down into a number of parts, each including one extended open response question (choice of one from two for extended open response questions)

 

Examination Board: Edexcel


Outside the Classroom

Students are encouraged to use the internet to access current news and articles on economic events, government actions, policies and objectives.

 

Sixth Form students may attend a conference each year, which feature influential politicians, economists, journalists and chief examiners. Students of Economics in recent years have gone on to study Economics, Law, History, Sports Science, Geography and a variety of business related degrees at university as well as following careers in business.

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