Economics

Course summary

The Edexcel specification is designed to challenge students in several key areas. Students will learn how to: • develop an understanding of economic concepts and theories through a critical consideration of current economic issues, problems and institutions that affect everyday life; • apply economic concepts and theories in a range of contexts and appreciate their value and limitations in explaining real-world phenomena; • analyse, explain and evaluate the strengths and weaknesses of the market economy and the role of\ government within it; • participate effectively in society as a citizen, producer and consumer Economics is a living subject and will be of benefit to students throughout their adult lives. Students are encouraged to participate in competitions such as Shares for Schools and Young Enterprise. Economics trips and speakers are a common feature of the A-level course. The material is split into four themes: Theme 1and policies • nature of economics • how markets work • market failure • government intervention Theme 2 • measures of economic performance • aggregate demand • aggregate supply • national income • economic growth • macroeconomic objectives and policy Theme 3 • business growth • business objectives • revenues, costs and profits • market structures • labour market • government intervention Theme 4 • international economics • poverty and inequality • emerging and developing economies • the financial sector • role of the state in the macroeconomy