Economics

Course summary

Students who take Economics often also study Business, Mathematics, Geography, History, Politics, Philosophy and Languages. Of course an A level in Economics will help you to get into university or college. Economics is a versatile subject that can help you in a number of careers. Not only could you find yourself working for big corporations, banks or the government but your qualification in economics could also be valuable support in a career like marketing, law, journalism or teaching. In Year 12 you’ll focus on both Microeconomics and Macroeconomics. The operation of markets • The economic problem and economic methodology • Price determination in a competitive market • Production, costs and revenue • Competitive and concentrated markets • The market mechanism, market failure and government intervention in markets The national economy in a global context • Measurement of macroeconomic performance • How the macro economy works: the circular flow of income, AD/AS analysis and related concepts • Economic performance • Macroeconomic policy Building on the topics covered in the first year, students study: Individuals, firms, markets and market failure • Individual economic decision making • 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 markets 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