Economics
A Level Economics Edexcel
Entry Requirements
No previous knowledge of Economics is required, but a strong grade in GCSE mathematics and an interest and willingness to follow current affairs and world news are essential.
Course Description
Economics is a social science which helps explain how society can make best use of scarce resources, and how issues such as unemployment, poverty and recessions can be tackled by government.
Economics offers an analytical way of thinking which opens your eyes to the way the world works. You are taught a set of academic theories and concept to use in order to analyse and evaluate some of the most important issues facing our society. For instance, you will understand arguments for and against:
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Government use of taxes and regulations to reduce market failures, such as pollution
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Allowing drug companies to make large profits from selling life-saving drugs that some cannot afford
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The causes of and potential solutions to unemployment and inflation
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How developing countries can reduce poverty by accepting aid and/or multi-national investment
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Membership of the EU and globalisation
Economics requires students to develop a range of transferable skills:
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Critical thinking skills - developing a critical approach to economic models and methods of enquiry
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Data skills - using and interpreting data presented in a variety of forms
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Presentation skills - presenting arguments and making judgments based on evidence available
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Planning skills - using a variety of source materials to help plan work with constraints in mind
Assessment
In year 12 students study the following themes:
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Introduction to markets and market failure
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The UK economy - performance and policies
In year 12 students take three externally marked 2-hour examinations. Papers have compulsory multiple-choice and short-answer questions; a data response question; and a choice of extended open-response essay questions
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Paper 1: Markets and business behaviour
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Paper 2: The national and global economy
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Paper 3: Microeconomics and macroeconomics
Courses and Careers
Economics complements science and humanities courses. Economics and Mathematics or Economics and Physics are popular combinations. Similarly, Economics and Business Studies, Geography or Politics are useful complements, assessing similar content from different perspectives.
Economics develops your ability to think strategically and so is a highly-valued subject in future courses of study and future jobs. Typical careers and courses include Banking and Finance, Accountancy, Civil Service, Industrial Economics, Law and European Business.