Sixth Form Economics

Why study Economics?

A Level Economics aims to provide students with an understanding of some of the central approaches to the fundamental problem of Economics: How should scarce resources be allocated? Economics often helps us understand what we read about in the news, and a big part of being successful on the course is being interested in, and prepared to discuss, current affairs. Economics provides an excellent background knowledge for any student wanting to move onto a career related to public policy or finance.

The course covers both microeconomics and macroeconomics. Microeconomics works on a smaller scale, as the study of what is likely to happen when individuals make choices in response to changes in incentives, prices, resources, and/or methods of production. Macroeconomics takes on a wider perspective focuses on the performance of economies – changes in economic output, inflation, interest and foreign exchange rates, and the balance of payments. In both year 12 and year 13, microeconomics is taught first before moving on to macroeconomics.

Since Economics is a subject about the world around us, time will be spent examining source materials to recognise the use of economic theory, and evaluating the arguments presented in source materials. This is also an important skill for examinations.

Aims of the course

• Develop an understanding of orthodox approaches in Economics to problem solving
• Develop techniques of reading source material and applying your own knowledge to discuss and evaluate it
• Develop the ability to argue in favour of an economic decision
• Become a citizen who understands the financial world around them

Course requirements

No previous knowledge of Economics is required.  It is recommended that students have attained at least a grade 6 at English Language GCSE.

The course does not involve any Mathematics beyond GCSE level, but interpreting graphs is a key skill, and students should be able perform basic Mathematical calculations, such as percentage change

Exam requirements

The 2-year A level course is assessed through examination at the end of the period of study:  There are 3 papers each 2 hours in length.

Microeconomics

The fundamental problem of Economics

Price determination in a competitive market

Production, revenue and costs

Market failure and government intervention

Microeconomics

Measurement of macroeconomic performance

Circular flow of income

Financial markets and monetary policy

Globalisation and international trade

Microeconomics

Individual Economic decision making

Imperfect and monopolistic markets

The labour marketing

Poverty and inequality

Microeconomics

Economic performance

Government failure

Fiscal policy

Exchange rate systems and growth and development

Exam papers (year 2)

Paper 1 – Markets and market failure

Paper 2 – National and international Economy

Paper 3 – Economic principles and issues