ECONOMICS

Head of Department: Peter Rowley peterrowley@leightonpark.com

Exam Board: Edexcel Economics A

Will the course suit me?

Economics is about choice and the impact of our choices on each other. It relates to every aspect of our lives; from the decisions we make as individuals or families to the structures created by governments and firms. In essence, Economics studies how scarce resources can best be allocated in our ever-changing world. From that simple, yet vital, issue flows the body of economic thought.

Economics is increasing popular in the Sixth Form. Its principles provide unparalleled analytical tools to interpret the world around us and to shine a light on all of the great challenges that face humanity – how to grow economies, tackle unemployment, grapple with environmental issues, reduce crime and even understand demographic change. If you are interested in current affairs, politics, history, business or finance, economics is the subject for you.

Course description

The course is split between microeconomics and macroeconomics and is studied via four broad themes. Theme 1 and Theme 3 introduce microeconomics theory, which is applied to the behaviour of consumers and firms. Theme 2 and Theme 4 introduce macroeconomics theory, which looks at the behaviour of governments and economies as a whole.

Benefits of the course

Economics instils a broad range of highly transferable skills, from learning to read data effectively, to avoiding ‘fake news’, to constructing a coherent argument based on potentially conflicting pieces of evidence. You will learn how to analyse complex situations and structure arguments in a focused and effective manner. Your thinking will become disciplined and sharp.

Outside of the classroom

Students can enter prestigious competitions run by the Financial Times and the Royal Economics Society. Study visits to the City of London and the Bank of England and the BWM Oxford Mini plan, enable students to related economic theory to the real world.

Future opportunities

Many of our students progress to Economic and Business related degrees at UK and international universities.

Theme 1

Introduction to markets and market failure

Theme 2

The UK economy – performance and policies

Theme 3

Business behaviour and the labour market

• nature of economics

• how markets work

• market failure

• government intervention

• measures of economic performance

• aggregate demand

• aggregate supply

• national income

• economic growth

• macroeconomic objectives and policy

• business growth

• business objectives

• revenues, costs and profits

• market structures

• labour market

Theme 4 A global perspective

• international economics

• poverty and inequality

• emerging and developing economies

• the financial sector

• role of the state in the macroeconomy