“Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.” – Adam Smith (The Wealth of Nations Book II, 1776)
MINIMUM REQUIREMENTS: Grade 6 in GCSE Mathematics and, if studied, Grade 6 in GCSE Business Studies
Subject Leader: Mr G P Williams
Examination Board: Edexcel
A-Level Syllabus: 9ECO (Micro and Macro plus Business and Labour Economics and Global Economy)
Examinations: 100% (3 papers)
Non Exam Assessment: None
What is A-Level Economics?
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. An economic way of thinking can help you make better choices.
Economics is the most powerful of the social sciences. Its principles provide us with 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, you must study economics.” Allister Heath, Deputy Editor, The Daily Telegraph
What makes a good Economics student?
A good Economics student needs to be able to cope with logic, complexity and contradictions in theory and to be able to cope with discrepancies between reality and theory. There are a series of theories which require the representation of complex systems in abstract terms using graphs and statistics. The best economists are also seriously interested in the real world and want to understand how things work and why people, business, government and other institutions behave in the way they do. Having this interest means you are more likely to invest time in reading about what is going on in the news.
What can I expect to learn in Economics?
In Theme 1 and Theme 2 you will be introduced to the nature of economics, how markets work and why they fail. You will also consider the role of government and the UK economy.
In Theme 3 and Theme 4 you will explore how businesses grow and compete, the labour market and how the government intervenes to make markets work better. You will also explore international trade, inequality within and between countries, emerging and developing economies, and the public finances. You will also have an opportunity to consider the role and impact of the financial sector.
You will sit three exam papers at the end of Year 13. Paper 1 will examine Themes 1 and 3, Paper 2 will examine Themes 2 and 4 and Paper 3 will examine knowledge of the whole course.
Where could Economics take me?
Studying Economics will help you develop transferable skills that will prepare you for studying at university or moving into the world of work. These include skills in data interpretation and essay writing. Suitable higher education courses include economics degrees or degrees in applied economics such as environmental economics, labour economics, public sector economics or monetary economics. You might choose to study business economics, econometrics or a business and management degree. Economics students can follow a wide range of careers in industry, commerce, finance and the Civil Service.