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ECONOMICS at The Langley Academy

Course description

Unit Outline – AS

Unit 1: Competitive Markets - How They Work and Why They Fail

This unit provides an introduction to the nature of economics and examines how the price mechanism allocates resources in markets. It analyses the nature of market failure, its causes and possible market remedies. At the end of this unit, students should be able to apply supply and demand analysis to real-world situations; to understand why markets might not allocate resources efficiently and the methods of dealing with market failure, together with an evaluation of their effectiveness.

Unit 2 - Managing the Economy:

This unit introduces key measures of economic performance and the main objectives and instruments of economic policy. Students should be able to use a basic AD/AS model to understand why demand and supply side policies may be seen as appropriate ways of managing an economy, predict possible impact of such policies, argue for different approaches and identify criteria for success.

Unit Outline - A2

Unit 3: Business Economics and Economic Efficiency -The content of unit one is developed here to examine how the pricing and nature of competition between firms is affected by the number and size of market participants. Students should be able to appraise how government intervention in markets is aimed at promoting competitive markets.

Unit 4: The Global Economy - This unit develops the knowledge and skills gained in Unit 2 so that they can be applied in a global context. The application, analysis and evaluation of economic models is required as well as an ability to assess policies which might be used to deal with economic problems. Students study the economics of trade and the development of the international economy in the context of world economic institutions such as the IMF, the World Bank and the World Trade Organisation as well as the multinational company. Students have the opportunity to explore current real world problems in economics such as the economic impact of aids in Southern Africa; factors affecting the price of commodities such as coffee and the impact of Fair Trade programmes on world trade.

Unit 4: The Global Economy - This unit develops the knowledge and skills gained in Unit 2 so that they can be applied in a global context. The application, analysis and evaluation of economic models is required as well as an ability to assess policies which might be used to deal with economic problems. Students study the economics of trade and the development of the international economy in the context of world economic institutions such as the IMF, the World Bank and the World Trade Organisation as well as the multinational company. Students have the opportunity to explore current real world problems in economics such as the economic impact of aids in Southern Africa; factors affecting the price of commodities such as coffee and the impact of Fair Trade programmes on world trade.

Entry requirements

English GCSE B

How to apply

If you want to apply for this course, you will need to contact The Langley Academy directly.

Last updated date: 29 May 2014
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Key information

  • Start date: Next September
  • Duration: 2 years

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