Economics

Key Stage 5

A Level Examination Board: AQA

Head of Department: Mrs A Reid

Why do people buy the things they do? Why do they work in certain jobs and what determines how much they earn? What caused the global recession and what policies are being tried to stimulate recovery? How can we tackle critical issues such as poverty, inequality and global warming? Economics can help to address and explain these issues, and many more.

The study of economics enables students to understand how the material resources of an individual, a community, a country or the world are managed. It is an ideal subject for students who are beginning to become interested in current affairs and who want to develop an informed and critical knowledge of how the world works. It is welcomed by universities as a rigorous and academic qualification. The subject works particularly well with Mathematics, which is a prerequisite for a degree in Economics at most universities. Other subjects which strongly complement Economics are Politics, History, Psychology and Geography.

 

Course modules         

Component 1: Markets and market failure

Scarcity and choice, How competitive markets work, Competition and market power, Labour market, Market failure and government intervention.

 

Component 2: National and international economy

Economic policy objectives and indicators of macroeconomic performance, Aggregate demand and aggregate supply, The application of policy instruments (monetary, fiscal & supply-side policies), The global context, The financial sector.

 

Component 3: Economic principles and issues

This component will be fully synoptic in nature, drawing on all material studied for components 1 and 2 over the 2 years.  Students will be required to apply their understanding of microeconomics and macroeconomics to a range of data and articles.

 

How this course is assessed

 

COMPONENT

COMPONENT TITLE

DURATION

% of A Level

Paper 1

Markets and market failure

2 hours

33.33

Paper 2

National and international economy

2 hours

33.33

Paper 3

Economic principles and issues

2 hours

33.33



Career Opportunities

Government and Public Administration, Banking, Accountancy, Business Management, etc.  Economics is a rigorous discipline and can therefore also be used to gain entry to such degree courses as Law.  It is accepted by Oxford and Cambridge universities as an entry requirement to degree courses.