Why study Economics?
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If you are interested in finding out about what affects people’s demand for goods, how the economy works and how tax and exchange rates are set. Economics is a demanding but very rewarding subject, which should appeal to academic students. It is recommended that those considering Economics as a possible degree course, particular a BSc, should also consider studying Mathematics at A level.
What will I study?
AS Level
Unit 1: Competitive markets – How they Work and Why they Fail
(50% of the total AS marks; 25% of the total GCE marks)
This unit provides an introduction to the nature of economics and examines how the price mechanism allocates resources in markets. It analyses the nature of market failure, its causes and possible policy remedies. At the end of this unit, students should be able to apply supply and demand analysis to real-world situations; to understand why markets might not allocate resources efficiently and the methods of dealing with market failure, together with an evaluation of their effectiveness.
Assessment
Examination of 1 hour 30 minutes, consisting of supported multiple-choice questions and one data response question out of a choice of two questions.
Unit 2: Managing the Economy
(50% of the total AS marks; 25% of the total GCE marks)
This unit introduces the key measures of economic performance and the main objectives and instruments of economic policy. Students should be able to use a basic AD/AS model to understand why demand and/or supply side policies may be seen as appropriate ways of managing an economy; predict the possible impact of such policies and to recognise the assumptions involved; argue for different approaches and identify criteria for success.
Assessment
Examination of 1 hour 30 minutes, consisting of one data response question out of a choice of two questions.
A2 Level
Unit 3 Business Economics and Economic Efficiency
(40% of the total A2 marks; 20% of the total GCE marks)
This unit develops the content of Unit 1 and examines how the pricing and nature of competition between firms is affected by the number and size of market participants. At the end of this unit, students should be able to analyse the pricing and output decisions of firms in different contexts. They should also be capable of making an appraisal of government intervention aimed at promoting competitive markets.
Assessment
Examination of 1 hour 30 minutes, consisting of supported multiple choice questions and one data response question out of a choice of two questions.
Unit 4: The Global Economy
(60% of the total A2 marks; 30% of the total GCE marks)
This Unit develops the knowledge and skills gained in Unit 2 so that they can be applied in a global context. The application, analysis and evaluation of economic models is required as well as an ability to assess policies, which might be used to deal with economic problems. An awareness of trends and developments in the global economy over the last 10 years is required.
Assessment
Examination of 2 hours, consisting of one essay question with two parts from a choice of three topic areas, and one data response question out of a choice of two questions.
How will I study?
The lessons will be a mixture of teacher led activity, workshops and student investigations. At times you will work in a group and at other times work individually. You will be expected to have a strong interest in current economic and business events and issues.
What do I need to start the course?
A grade B in English, Maths and a relevant Humanities subject (e.g. History or Geography) is strongly recommended. It is not a requirement to have studied Economics or Business Studies at GCSE but if you have, a Grade B or above is strongly recommended.
