Economics AS/A-Level at Walthamstow Academy
One of the great things about studying Economics at Walthamstow Academy is that students learn about real life and current Economic issues, such as the ‘credit crunch,’ property bubble and Eurozone crises. They are expected to understand and keep up to date with the changing economic situation, by reading newspaper articles and using relevant websites such as government statistical web pages. Studying Economics should be about being interested and informed about the economy and everything we study is placed in the wider, real life context.
Students will be expected to:
- Develop an understanding of economic concepts and theories through critical consideration of current economic issues, problems and instructions that affect everyday life
- Analyse, explain and evaluate the strengths and weaknesses of the market economy and the role of government within it
- Develop a critical approach to economic models and methods of enquiry.
- Become more independent learners, taking the initiative to read up on current issues and read preparatory material before class.
There are regular classroom discussions, which encourage students to verbalise their knowledge and opinions.
AS - you will need to study ‘Unit 1: The Operation of Markets and Market Failure’ and ‘Unit 2: The National Economy in a Global Context’. At A2 Level Economics you will study two additional units: ‘Unit 3: Individuals, Firms Markets and Market Failure’ and ‘Unit 4: The National and International Economy’.
Unit 1: The Operation of Markets and Market Failure
Nature and purpose of economic activities, Economic Resources, Economic Objectives of Individuals, Firms and Governments, Scarcity, Choice and Allocation of Resources, Determinants of the Demand for Goods and Services, Price and Income Elasticities of Demand and Supply, Specialisation, Division of Labour, Production, Economies of Scale, Meaning of Market Failure, Public Goods, Positive and Negative Externalities, Monopolies and the Allocation of Resources and Rationale and Methods of Government Interventions.
Unit 2: The National Economy in Global Context
Macroeconomic Indicators, The Economic Cycle, Circular Flow of Income, Aggregate Demand and Supply, The Objectives of Government Economic Policies, Economic Growth, Inflation and Deflation, Employment and Unemployment and Fiscal, Monetary and Supply-side Policies.
Unit 3: Individuals, Firms Markets and Market Failure
Firms: Objectives, Costs and Revenues, Divorce of Ownership and Control, Law of Diminishing Returns, Fixed and Variable Costs, Technological Change, Models of Perfect Competition, The Dynamics of Competition and Competitive Market Process, Monopoly and Oligopoly, Interdependence of Oligopolistic Market, Market Structure, Static Efficiency, Dynamic Efficiency, Resource Allocation, Government and Market Failures and Impact of National Minimum Wage Rate.
Unit 4: The National and International Economy
Macroeconomic indicators, Economic Cycle and Economic Growth, Uses of National Income Data, Unemployment, Inflation and Deflation, Macroeconomic Models and Policies, Exchange Rate, Globalisation, Trade and European Union.
Classes have an exam focus so that students continually, and from very early on, get exam question practice. Students also study the exam assessment criteria in an effort to improve their answer technique.
How to apply
If you want to apply for this course, you will need to contact Walthamstow Academy directly.