Economics
Economics is about decision-making in a world where there are many choices to be made. It is a subject for all those people who take an interest in the world around them. It brings meaning to the way that we make decisions about our lives. It is a subject that attempts to blend fact with theory in the search for better ways to manage our economy. It is a highly valued academic subject as well as being highly thought of by professional bodies.
Indeed, it forms an important part of many professional examinations. It combines well with many other subjects, including Mathematics, Geography, Politics, Sociology, Law, Business Studies and Accounting. It considers issues such as:
- The notion of ‘price’ in the economy – how it helps us to make decisions.
- The meaning of ‘value’.
- The role of markets in the modern economy.
- The link between climate change and economic activity
- The importance of money and trade in the economy.
- The European Union as it affects the UK economy
- How ‘globalisation’ is presenting new challenges for the UK
The AS course is made up of two modules. Exams for both are taken in May/June each year. There is no coursework.
Module 1 – Markets and Market Failure
Modern Economics involves the understanding of how markets work. This unit is concerned with the behaviour of buyers and sellers who make up various markets, and how they interact. It is also about how and why markets don’t work efficiently sometimes, leading to ineffective economic decisions being made. For example, unaffordable prices being charged for some products whilst other products may not be available at all. Governments often have to take action to improve the working of these markets. The exam consists of 25 multiple choice questions and a choice of one data response question from two.
Module 2 - The National Economy
In this unit we look at the UK and other economies and assess how well they are performing. We analyse the key performance indicators of inflation, unemployment, economic growth and international trade. We consider the decisions that have to be made by Government in the management of the economy, and the policies they can use in the quest to improve living standards in the economy. As with Unit 1, economic theory is used to help with our understanding.
Again, the exam consists of a combination of 25 multiple choice questions and one from two data response questions.
For those students wishing to study Economics at A2 level, we offer 2 more Units. Here, We build on modules 1 and 2 in the broad contexts of Globalistion and The European Union.