ECONOMICS How do we control inflation? Why do we tax cigarettes? Should we join the Euro? Should we charge for using the motorway? What is a monopoly, oligopoly? Who is John Maynard Keynes? How can exchange rates affect our economy? Just some of the questions we can ask in Economics. The 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. We use engaging and up-to-date content so that students can relate what they are learning to the world around them – locally, nationally and globally. Students develop the knowledge and skills needed to understand and analyse data, think critically about issues and make informed decisions. They will also build upon their quantitative skills and appreciate that, when evaluating arguments, both qualitative and quantitative evidence are important. The question papers use a variety of assessment styles including real-life case studies and data exercises to better prepare students for further study and employment. Subject content
Individuals, firms, markets and market failure n
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The economic problem and economic methodology; Individual economic decision making; Price determination in a competitive market; Production, costs and revenue; 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.
The national and international economy n
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The measurement of macroeconomic performance; How the macro economy works: the circular flow of income, AD/AS analysis, and related concepts; Economic performance; Financial markets and monetary policy; Fiscal policy and supply-side policies; The international economy.
Students will be expected to have strong numeracy and written communication skills. A genuine interest in current affairs is always a benefit to any Economics student. Assessment 3 written exam papers, each 2 hours long and of equal weighting; n
Paper 1 - Individuals, firms, markets and market failure;
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Paper 2 - The national and international economy;
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Paper 3 – Economic principles and issues (all content is examined here);
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Data response questions, essays and multiple choice questions are used in the assessment of Knowledge and Understanding, Application, Analysis and Evaluation skills.
Careers Students will be able to apply for a variety of degrees in Economics, Banking and Finance and other subjects such as Law, PPE. Many Economics degree courses will require A Level Mathematics. page 20
