Economics at The Royal Grammar School, High Wycombe
Economics is an ideal subject for those interested in business, finance or political issues, and will suit those who might be considering a career in the media or law. It combines well with a wide range of other subjects, such as History and Politics, but it is also a very good ‘bridging’ subject, which can be combined with Arts, Social Science or scientific subjects. Mathematicians usually make good economists, although it is not essential to take Mathematics to study Economics.
The course makes considerable use of material relating to current affairs, and we make much use of news articles, videos and internet resources.
Each year a significant number of students continue to study Economics at university, and we have a number of Oxford and Cambridge places awarded each year to read the subject.
Economics is conventionally divided into microeconomics and macroeconomics.
Microeconomics involves a study of markets and prices, addressing issues such as:
- Why has the price of petrol risen?
- Why has the price of computers fallen?
- Why does David Beckham earn more than a highly qualified Head of Economics?
- What factors affect the housing market?
We also consider areas of ‘market failure’, where the government intervenes to ensure a more satisfactory outcome – pollution controls, public sector goods and services and legal restraints on monopolies, for example. The course involves a close analysis of several markets, such as the oil market and the market for sport and leisure, and in the second year the economic analysis of business and the labour market is introduced.
Macroeconomics is the study of the whole economy, and how government policies such as use of taxation and interest rates can be used to achieve economic objectives. The course covers issues such as:
- How can unemployment be reduced?
- How can economic growth be encouraged?
- Can we increase UK living standards?
- Should the UK join the Euro zone?
- Why has Britain’s relative position in the world changed?
- Does inflation matter?
These are the main topic areas covered in the first year of the 2-year A Level course:
1. Economic methodology and the economic problem
2. Price determination in a competitive market
3. Production, costs and revenue
4. Competitive and concentrated markets
5. The market mechanism, market failure and government intervention in markets
6. The measurement of macroeconomic performance
7. How the macroeconomy works : the circular flow of income, AD/AS analysis, and related concepts
8. Economic performance 9. Macroeconomic policy
These are the main topic areas covered in the second year of the 2-year A Level course:
1. Perfect competition, imperfectly competitive markets and monopoly
2. The labour market
3. The distribution of income and wealth: poverty and inequality
4. The market mechanism, market failure and government intervention in markets
5. Financial markets and monetary policy
6. Fiscal policy and supply-side policies
7. The international economy
Grade B in Mathematics and English Language
How to apply
If you want to apply for this course, you will need to contact The Royal Grammar School, High Wycombe directly.