Economics

WHAT WILL I LEARN?

The department’s focus for Economics will engage you to think like an economist, and apply economic concepts and theories to realworld contexts. You will learn to use appropriate quantitative skills to relevant economic contexts with a strong emphasis on broadening your knowledge and understanding of economics through wider reading and an awareness of the current issues impacting on the subject.

Economics offers a distinctly different approach to learning about economics and business that reflects on today’s global economy, enabling students to:

• develop an interest in, and enthusiasm for, 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 those concepts in a variety of different contexts; • use an enquiring, critical and thoughtful approach to the study of economics and develop an ability to think as an economist;

• understand that economic behaviour can be studied from a range of perspectives;

• develop analytical and quantitative skills, together with qualities and attitudes that will equip them for the challenges, opportunities and responsibilities of adult and working life.

The teaching and learning of this qualification offers a good platform for development of transferable skills that enable young people to face the demands of further and higher education, as well as the demands of the workplace, namely:

• cognitive skills; non-routine problem solving, systems thinking, critical thinking and ICT literacy;

• interpersonal skills; communication, relationship-building skills and collaborative problem solving;

• intrapersonal skills; adaptability and self-management and self-development.

You will be introduced to economics through building knowledge of core microeconomic, macroeconomic and business concepts, and apply them to business contexts and evidence relating to the macroeconomic environment.

Through the course you will develop a clear and concise style of writing, the type used in economics and business, enabling you to communicate effectively in a business setting. You will need to apply your knowledge and understanding to both familiar and unfamiliar contexts in the assessment and demonstrate an awareness of current economic events and policies.

THE TOPICS COVERED INCLUDE:

Introduction to markets and market failure: this theme focuses on microeconomic concepts. Students will develop an understanding of: the nature of economics, how markets work, market failure and government intervention.

Students will learn to apply supply and demand analysis to real-world situations, and will be able to suggest reasons for consumer behaviour. This will involve looking at how consumers act in a rational way to maximise utility and how firms maximise profit but also why consumers may not behave rationally.

Students will analyse the nature and causes of market failure and understand the strengths and weaknesses of possible policy remedies.

The UK economy – performance and policies: this theme focuses on the key measures of economic performance and the main objectives and instruments of economic policy in a UK context. Students will learn how to use a basic AD/AS model to analyse changes in real output and the price level. Students will look at when demand and/or supply side policies may be appropriate ways of improving an economy’s performance; consider these policies in an historical context; predict the possible impact of such policies and recognise the assumptions involved. Students should understand different approaches that may be used by policy makers to address macroeconomic problems and to identify criteria for success 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 and objectives, revenues, costs and profit, market structures, the labour market and government intervention.

At the end of this unit, students should be able to analyse and evaluate the pricing and output decisions of firms in different contexts, and understand the role of competition in business decision making. They should also be capable of making an appraisal of government intervention aimed at promoting competitive markets. Students will also gain a detailed understanding of the workings of the labour market both within the UK and the wider global context.

Students will need to be able to apply relevant quantitative skills to the content covered introduced in this unit, including calculations, the use of data and the drawing of diagrams.

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 and the role of the state in the macro economy.

The application, analysis and evaluation of economic models is required, as well as an ability to assess policies that might be used to deal with economic problems. An awareness of trends and developments in the global economy over the last 40 years, including contemporary issues, is required. Wider reading and research will enable students to use up-to-date and relevant examples in their analysis and evaluation of issues and developments in the global economy.

WHAT DO I NEED TO KNOW OR BE ABLE TO DO BEFORE TAKING ECONOMICS IN THE SIXTH FORM?

No prior knowledge of the subject is required. This subject can be combined with any others in which you have an interest, but some universities may expect an A Level in Mathematics for those wishing to become Economics undergraduates. You must discuss such details with our Head of Sixth Form.

A strong performance in GCSE English and Mathematics is required to qualify to study Economics.

WHAT KIND OF STUDENT IS THE COURSE SUITABLE FOR?

Students will need to use an enquiring, critical and thoughtful approach to the study of economics. They will need to be able to think as economists; they are expected to be self-motivated, to show an interest in contemporary economic, business, political and sociological issues and to be prepared to read widely around the topics studied in class. Furthermore, students will need to be competent in applying quantitative skills throughout the course. FURTHER INFORMATION ON SPECIFICATIONS

Edexcel provides specimen examination papers which we recommend you investigate.

Go to https://qualifications.pearson.com/en/subjects/ economics.html

WHAT COULD I GO ON TO DO AT THE END OF MY COURSE?

This qualification could enable students to progress to a straight economics degree with a focus on theory, or a degree in applied economics such as environmental economics, labour economics, public sector economics or monetary economics.

Alternatively, students may like to study a business economics or mathematical economics degree or study economics with other subjects, e.g. politics, philosophy or history, as a combined degree.

Post-university employment rates for economists are among the highest for graduates. They are likely to find employment in finance, banking, insurance, accountancy, management and consultancy; some even become professional economists.