Why study Economics?
Have you ever wondered why nurses are so greatly valued by society and yet get paid so much less than actors or actresses? Do you ever read the news and wonder why inflation, economic growth or international trade should matter to us? Do you ever question why we pay tax on some goods and services and not others? And what does the Government do with that tax revenue? If so then Economics may be the subject for you.
Economics at its core focuses on the way that society uses scarce resources and allocates them to produce goods and services. During that process of production a number of issues have to be solved. The role of government and the external influences on the economy form a vital part of the course.
You will learn how the performance of the economy can be measured including inflation, growth and employment and how the government can influence these things. Our approach to Economics is to apply economic theory to support analysis of current economic problems and issues within the UK and beyond, encouraging students to appreciate the interrelationships between micro-economics and macro-economics.Other topic areas include banking and finance, international trade, globalisation and how prices are determined.
Entry Requirements
Economics is a subject that can be started in Year 12 without having been studied before. Whilst some mathematical skills are required, potential students should not be over concerned about the level of numerical ability required. It is important that you have a curiosity and interest in economic affairs and a desire to explore why and how the study of economics contributes to an understanding of the modern world.
What is Involved?
Microeconomics
The study of markets, the behaviour of individual consumers and firms, and the role of government in allocating scarce resources. What factors affect the price of products and how the government corrects markets when things go wrong.
Macroeconomics
The study of the whole economy and its impact on consumption and production, including the role of Government and its impact on the economy. You will learn about the policies the government uses which impact your own ability to spend money and how their use has an impact on the bigger global economy.
Year 12
A basic understanding of the concepts involved in both the micro and macro-economy, using essential models to explore current economic behaviour.
Year 13
Work from Year 12 is developed. The micro-economy includes a detailed study of Industrial Economics – theories of the firm and labour markets. The macro-economy is extended to include the EU, globalisation and financial markets. Students are encouraged to develop a critical approach to economic models and methods of enquiry.
The A Level course has 3 units each worth 33.3% and is assessed through examinations in each unit at the end of the second year.
