Economics

Course summary

WHY SHOULD I STUDY ECONOMICS? A Level Economics will help you: • Develop an interest and enthusiasm for economics and its contribution to the wider political and social environment. • Develop an enquiring, critical and thoughtful 'economist's mind'. • Practice skills, qualities and attitudes that will equip you for the challenges, opportunities and responsibilities of adult and working life. • Develop an understanding of current economic issues, problems and institutions that affect everyday life. Studying Economics will help also you develop a range of skills, including: • Analytical and problem-solving skills • Numerical and computing skills • Communication skills • Team working skills • Political Awareness COURSE STRUCTURE & CONTENT Economics is a two year course and follows the linear approach to examinations. You will investigate micro and macroeconomics. Microeconomics addresses issues such as “what determines the level of prices of goods, such as fuel?”, “Can pollution be effectively controlled?” and ‘Should governments interfere with markets?’ The macroeconomics issues covered include: ‘What causes recession and what can the Government do to help the economy grow?’, ‘What happens to the economy if people decide to spend more?’ and ‘How are we affected by the Chinese and Indian economies?’. You will study the following areas across the two years: Individuals, firms, markets and market failure • Economic methodology and the economic problem • Individual economic decision making • Price determination in a competitive market • Production, costs and revenue • Perfect competition, imperfectly competitive markets and monopoly • The labour market • The distribution of income and wealth: poverty and inequality • The market mechanism, market failure and government intervention in mark The national and international economy • The measurement of macroeconomic performance • How the macroeconomy works: the circular flow of income, AD/AS analysis, and related concepts • Economic performance • Financial markets and monetary policy • Fiscal policy and supply-side policies • The international economy