Economics

Head of Faculty/Teacher of Economics:
Mr Justin Barnett
Teacher of Economics:
Mr Ian Thomas

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Economics is only taught as an A Level subject.

It is a subject which is constantly in the news, and is of great relevance to the World we live in, especially with Brexit on the horizon.. Economics is a social science subject that combines well with a broad range of subjects including Maths, English, History and Geography. You will be dealing with economic theory and seeing how this theory fits the real world. You will be applying economic concepts to contemporary UK economic and social issues such as how to achieve economic growth; resolve unemployment, how to control rising prices, the exchange rate value of the pound, and questions such as: Should interest rates be changed? What level should the minimum wage be? Should the government/ EU subsidise farmers? What is the future for the Euro? How can government reduce the budget deficit?

You will develop critical skills and be able to analyse and evaluate the effects on the economy of various measures. Economics is a very rigorous and well respected A-level and as such is highly valued by HE institutions and employers and can lead to careers in accountancy, banking, financial services, the law, business, Inland Revenue. Many students go on to take degrees in Economics, Management, Business and Finance.

Course details
Theme 1
• Introduction to markets and market failure
• The nature of economics; how markets work; Market Failure; Government Intervention
Theme 2
• The UK Economy – performance and policies
• Measuring economic performance; aggregate demand; aggregate supply; national income; economic growth and macroeconomic objectives and policy
Theme 3
• Business behaviour and the labour market
• Business growth; Business objectives; Costs, revenues, profits; Market structures; Labour market; Government intervention
Theme 4
• A global perspective
• International economics; poverty and inequality; emerging and developing economies; the financial sector; role of the state in the macroeconomy

How the course is taught and assessed
We study economic theory and then see how this fits the real world. We relate economic theory to what has happened in the UK and world economy over the last ten years or so. There is no coursework in Economics.

The Economics Society (where visiting speakers come into school) and a student conference help to enhance and extend learning beyond the classroom.
Paper 1 Assessment:
A mixture of multiple choice and short answer questions; one data response question and one open extended response question (choice of one from two)
Paper 2 Assessment:
A mixture of multiple choice and short answer questions; one data response question and one open extended response question (choice of one from two)
Paper 3 Assessment:
Questions drawn from all themes. Two data response and one open extended response question (choice of one from two)

Entry requirements
There is no need to have taken GCSE Economics in order to take A-level Economics. However, it is important that you have at least a GCSE grade 5 or above in both English and Mathematics.