Economics

In Economics you will study how people behave and interact. Essentially, the subject seeks to understand the choices made by individuals, societies and governments in regard to the alternative uses of scarce resources which are employed to satisfy wants.

Economics involves the formulation of theories which seek to explain empirical observations so that conclusions can be drawn about the future. This subject covers such varied topics as the impacts of the recent events such as the financial crisis of 2008, falling oil prices, BREXIT and the economic impact of Covid-19.

COURSE CONTENT

The course’s approach to Economics is to apply economic theory to support analysis of current economic problems and issues and encourage students to appreciate the interrelationships between microeconomics and macroeconomics.

Microeconomics (Markets and market failure)

● Individual economic decision making ● Production, costs and revenue and technology ● Perfect competition, imperfectly competitive markets and monopoly ● The labour market ● The distribution of income and wealth: poverty and inequality ● The market mechanism, market failure and government intervention in markets

Macroeconomics (National and International economy)

● The measurement of macroeconomic performance ● Economic performance ● Financial markets and monetary policy ● Fiscal policy and supply-side policies ● The international economy

Students will explore the disagreements that exist between economists and current economic controversies. They will be assessed on their ability to use quantitative and qualitative evidence to evaluate arguments and to support judgements relating to economic issues and problems. Students are encouraged to develop a critical approach to economic models and methods of enquiry.

ASSESSMENTS

Economics is a linear course which is assessed at the end of Year 13 by three, two hour written exams. Each exam will be worth one third of the A Level. The papers will feature a range of question styles including multiple choice questions, short answer questions, essay questions, data response questions and case studies. Paper 1: Markets and market failure - Section A: Data response requiring written answers, choice of one from two contexts (40 marks). Section B: Essay questions requiring written answers, choice of one from three (40 marks) Paper 2: National and international economy - Section A: Data response requiring written answers, choice of one from two contexts (40 marks) Section B: Essay questions requiring written answers, choice of one from three worth (40 marks) Paper 3: Economic principles and issues Section A: Multiple choice questions (30 marks) Section B: Case study questions requiring written answers (50 marks)

ECONOMICS

SKILLS DEVELOPED

● Study independently ● Analysis data ● Critical thinking ● Making informed decision

ADDITIONAL RESOURCES

Click on this link to access all material used in the teaching of the Economics course. Students should refer to this website throughout the year.

SPECIFICATION LINK

Click here to access the Edexcel exam board home page. This has information about the course and exam materials to help students learn.