Why study A Level Economics?
The Economics A Level course deals with the choices that people, firms and countries make and the impact these decisions have on people’s lives. It is from this simple basis that all of the economic problems in the world around us arise and hence leads to questions that need to be answered, such as:
- Is inflation bad?
- What was the cause of the global financial crisis?
- Would a reduction in house prices be good for the UK?
- Are workers in the third world exploited?
The aim of the course is to help students understand the issues that need to be addressed when such questions are raised and apply the relevant economic theories and models to arrive at possible solutions.
How will I be assessed?
This course is examined by three separate exam papers, each two hours long.
Units 1 and 2 both contain an unseen case study with data response questions plus options of two out of four longer written answers.
The Unit 3 exam includes multiple choice questions plus longer written questions based around an extended unseen case study set on a specific economic ‘theme’.
All exams are sat at the end of Year 13.
Economics is a demanding subject requiring the study of abstract models and the analysis of data together with the production of long written answers. As such, a minimum of a Level 5 Grade needs to be achieved in each of Mathematics, English and Science.
What skills will I gain from studying Economics?
Economics requires students to develop a range of skills; from the use of theoretical models to the construction of coherent and well-structured arguments, all of which will need to be under pinned by a good grasp of the current UK and world economic environments. The subject will give students the tools to look at the world from an alternative perspective and understand how many seemingly disparate issues are, in fact, deeply integrated and dependent on each other.
Where can Economics lead?
Students taking Economics often go on to university to study a range of subjects from Economics, Business, International Finance, Accountancy, Law, Management and PPE. Currently over 80% of students that study Business, Economics or Accounting at King Edward VI go on to follow a business related course at university. In addition, Economics is a well respected subject for a range of professions including Accountancy, Business and Law; whilst in the long term it can open doors for work at institutions such as HM Treasury, the European Parliament and the World Bank.
The Business Department has a consistent record of outstanding achievement across all three A Level subjects (ie Accounting, Business and Economics), which is based on the combination of excellent teaching, engagement in the subject and hard work and commitment from both teachers and students.
What will I study?
- Scarcity and choice
- Competitive Markets
- Market Power and Market Failure
- The Labour Market
- Economic Growth and Development
- Fiscal, Monetary and Supply-side Policy
- The Financial Sector
- Globalisation and International Trade