Economics

The United Kingdom and indeed the Rest Of the World, is entering into an unprecedented economic phase, some analysts are comparing it to the Global Financial Crisis of 2008 whilst others are using a wartime analogy to emphasise the sheer magnitude and scale of the problem. Whilst neither seem to be quite appropriate, we can be sure of one thing, a very uncertain future. Studying A Level Economics in this turbulent period, is going to be enlightening, educational and extremely applicable to all of our lives, we are therefore very excited to be offering this option from 2021 to our prospective Year 12 students. The course content is divided into two parts. The first section introduces students to microeconomics, the study of economics at an individual, group or company level with the second section covering macroeconomics, the study of a national economy as a whole.

Students will study 14 topics over the course of two years:
Microeconomics – Individuals, firms, markets and market failure

• Economic methodology and the economic problem

• 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. Macroeconomics – The national and international economy

• The measurement of macroeconomic performance

• How the macroeconomy works: the circular flow of income, AD/AS analysis, and related concepts

• Economic performance

• Financial markets and monetary policy

• Fiscal policy and supplyside policies

• The international economy

Assessment is via three, two hour external examinations taken at the end of Year 13.
The question types vary across the papers, and include data response, case studies, multiple choice and essays.

Paper 1 – Markets and Market Failure - 2 hour examination

Paper 2 – National and International Economy - 2 hour examination

Paper 3 – Economic Principles and Issues - 2 hour examination

The course does contain mathematical content and therefore students opting to study this subject, should have achieve a Grade 5/6 or above in

GCSE Mathematics. Many students choose to go onto to study Joint Honour degrees in Economics at University, however most universities will only

allow students to study pure Economics if they have also been successful in completing A Level Mathematics.