Economics is a contemporary subject rooted in the real world, to real life and to you.
Why have petrol prices dropped so much? Why does the government provide free education for people up to 18? Why did we experience the great crash of 2008 and why has recovery been so slow? Should we worry about the growth of
China? Why is the government in so much debt? Should we be in or out of the EU? Why are cigarettes and alcohol taxed so heavily?
Studying Economics provides answers to many of these types of question. It is at the heart of many decisions in our modern world. If you wish to learn how the UK and global economic systems work, this subject will be great for you.
Economics A-level is a good complement to A-levels in History, Politics, Mathematics and many other subjects. It should not be studied in conjunction with Business.
The subject is split into two main sections, microeconomics and macroeconomics. Whereas macro looks at the big issues affecting the economy as a whole (unemployment, inflation, growth and so on), micro looks at a smaller scale; the pricing of individual
products like oil or gold; the salaries paid to different people, and the reasons for any differences.
Nature of economics: how markets work, market failure, government intervention.
Business growth: business objectives, revenues, costs and profits, market structures, labour market, government intervention.
Measures of economic performance: aggregate demand, aggregate supply, national income, economic growth, macroeconomic objectives and policy.
International economics: poverty and inequality, emerging and developing economies, the financial sector, role of the state in the macroeconomy.
At least 5 GCSEs at C or above, including a grade B in English and Maths. A strong mathematical background is not strictly required, but many of the conceptual skills to understand and interpret data and analyse relationships are key skills. First and foremost
must be a keen interest in the news and current affairs. An ability to argue a case, compare theory and reality and observe the differences are very important.
What skills will you gain?
Essay writing, analyse data, presentation and ICT skills: How eco works, current affairs: Interpreting articles
Because you learn a lot of skills and knowledge that you can apply to other jobs or to your personal life. Learning about interest rates, exchange rates, economic indicators and equity markets can help you make better decisions about
investing and obtaining mortgages.
Because you will learn more about how the world works. You will learn more about the impact decisions have on the firm, industry, and national level. You will learn more about the impact of international trade, both good and bad. You will discover the
effect government policies have on the economy and on employment; again both good and bad. It will help you make more informed decisions as both a consumer and as a voter.