Economics

Assessment

A-level Economics is a linear course, with all assessments occurring at the end of two years. The assessment is made up of three papers: Paper One: Markets and Market Failure (2 hours, data response and essay questions, 33% of A-level) Microeconomics looks at the behaviour of individuals and how the interplay of supply and demand determines prices and quantities in specific markets. The operation and failings of the price mechanism are used to analyse the behaviour of consumers and firms. The actions of firms in different industries are explored in greater depth through the models of market structure from monopoly to more competitive structures. Boys also gain an understanding of the labour market and the factors that influence wage rates and the distribution of income and wealth. Developments in UK markets and Government microeconomic policy are explored in their global and EU contexts. Paper Two: National and International Economy (2 hours, data response and essay questions, 33% of A-level) Macroeconomic models are used to explain the behaviour of the national economy and to explore issues such as consumption, investment, inflation and unemployment. Boys will gain an understanding of recent economic developments and will use their knowledge to assess government and central bank policy, as well as the role of financial markets and the banking system. Aspects of the international economy such as trade, exchange rates and membership of the Euro are studied in the context of both EU and global events. Paper Three: Economic Principles and Issues (2 hours, multiple-choice and case-study questions, 33% of A-level) This synoptic paper requires boys to apply their knowledge of all aspects of the course outlined in Papers One and Two and tests their ability to produce extended responses drawing on a previously unseen case study