Economics

Course summary

Economics is the study of markets, in particular how they work, why they fail and how they can be effectively managed. The UK’s economic performance can be assessed both in a national and global context. Economics policies designed to prom This course will appeal to students who enjoy studying a subject that affects their everyday lives. No previous experience in economics is required but an interest in national and international affairs is desirable. Economics can easily be combined with other social science and humanities subjects, although it is becoming an increasingly popular choice for aspiring medics and dentists. You will learn how to develop an understanding of economic concepts and theories through a critical consideration of current economic issues, problems and institutions. By the end of the course, you should be able to apply economic concepts and theories in a range of contexts and to appreciate their value and limitations in explaining real-world phenomena. You should also know how to analyse, explain and evaluate the strengths and weaknesses of the market economy and the role of government within it. The teaching methodology applied to A-level study is essentially the same as for the AS, however, there is a greater focus on independent reading and research when covering the fourth topic area. Due to the extent of necessary research students are encouraged to participate in class discussions and prepare presentations which would be conveyed to the whole class, although some students feel uneasy when it comes to presentations it is an essential task which will help prepare them for the necessary demands of university coursework. Providing students with a well-structured and logical scheme of work is important as it should help them to work in a disciplined and consistent manner, with clear targets and deadlines. Regular revision is likely to lead to a good understanding of the principles as they are introduced which is essential if they are to be successfully applied later on. A Level Specification – Edexcel 9EC01 The A-level qualification will study the following two themes in addition to themes 1 and 2 stated for the AS study. Theme 3 – Business Economics and The Labour Market This unit develops the content of Theme 1 and for students hoping to attain the A-level qualification, they will have to sit paper 1 which tests Theme 1 and Theme 3 concepts side by side. Theme 3 examines how the pricing and nature of competition between firms are affected by the number and size of market participants. At the end of this unit, students should be able to analyse the pricing and output decisions of firms in different contexts. They should also be capable of making an appraisal of government intervention aimed at promoting competitive markets. Theme 4 – The Global Economy This unit develops the knowledge and skills gained in Theme 2 so that they can be applied in a global context, however, theme 2 concepts will be tested alongside Theme 4 concepts in the examination. The application, analysis and evaluation of economic models is required as well as an ability to assess policies which might be used to deal with economic problems. An awareness of trends and developments in the global economy over the last 10 years is required.