Economics A Level at Sir William Borlase's Grammar School
Economics can be split into two main areas of study: Micro-economics and Macro-economics.
Micro-economics is the study of how particular markets behave and economists analyse and examine the reasons why, for example, a litre of petrol is cheaper than a litre of water. Furthermore, they analyse and examine how changes in markets and prices can affect other markets. This inter-relationship needs to be understood, as does why some markets work “better” than others, if we are to make any sense of macro- economics.
Macro-economics is the study of how all markets behave and economists focus on how they can influence inflation, economic growth, unemployment and trade with the rest of the world. Consequently, this leads to an understanding of how all markets that make up the economy can be influenced and manipulated to improve the standard of living, or welfare, of the population. This involves the use of interest rates and taxes and, therefore, provides A-level economists an extra dimension to their understanding of current affairs.
Unit 1: Competitive Markets – How They Work and Why They Fail
Students look at: basic economic problem, opportunity cost, demand and supply, price determination, elasticity, specialisation, wage rates, market failure, public goods, externalities,
Unit 2: Managing the Economy
Students look at: inflation, economic growth, unemployment, balance of payments, aggregate demand and supply, national income, fiscal, monetary and supply side policies.
Unit 3: Business Economics and Economic Efficiency
Students look at: growth of firms, theories of competition (perfect competition, monopoly, oligopoly and contestable markets), costs and revenues, pricing strategies, efficiency and government regulation of industries.
Unit 4: The Global Economy
Students look at: inflation, economic growth, unemployment, balance of payments, globalisation, exchange rates, international competitiveness, protectionism, the EU, the Euro, aggregate demand and supply, national income, fiscal, monetary and supply side policies, poverty & inequality and limitations on economic growth.
Although highly desirable, it is not necessary for students to have previously studied this subject at GCSE though they should have at least a grade ‘A’ in Maths and a grade ‘B’ in English at GCSE. If this is likely to become a choice for a future university degree it is advisable to study maths to AS level.
How to apply
If you want to apply for this course, you will need to contact Sir William Borlase's Grammar School directly.