A Level Economics
“The ideas of economists and political philosophers, both when they are right and when they are wrong are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually slaves of some defunct economist.” – John Maynard Keynes.
There has never been a more exciting time to study economics. Many of the most important issues facing society and indeed the world have a very clear economic dimension. Whether you are concerned with global warming or global trade, whether you are looking at issues related to world financial markets or the changing appearance of town centres, you cannot get far without a knowledge of economics. This course aims to give you an understanding of and stimulate your interest in how economies work – at personal, national and global levels.
Here are some of the questions you will consider over the two years :
- What will be the impact of Brexit on the British economy … on economic growth; on inflation; employment and unemployment; on exports and imports; on the environment; on the distribution of income and social welfare?
- The axis of global economic power has shifted. Does it matter? For whom?
- What is an externality? What is the tragedy of the commons? Can we stop environmental damage … how?
- What is System 1 thinking? What is System 2 thinking? How and why have these ideas become increasingly influential in government policy making?
- Uber; Amazon; Apple; Facebook – How? Why?
- Is the NHS affordable should we promote more private health care?
- What is dynamic pricing? Why is becoming more commonplace?
- Could we have another financial crash … if so, how soon?
Economics is an analytical subject and combines well with all subjects. The nature of the concepts studied allows you to develop further important literacy, numeracy and IT skills within the context of issues of contemporary relevance and importance.
Exams and Assessment
Theme 1: Introduction to markets and market failure including nature of economics, how markets work, market failure and government intervention.
Theme 2: The UK economy – performance and policies including measures of economic performance, aggregate demand, aggregate supply, national income, economic growth and macroeconomic objectives and policy.
Theme 3: Business behaviour and the labour market including business growth, business objectives, revenues, costs and profits, market structures, labour market and government intervention.
Theme 4: A global perspective including international economics, poverty and inequality, emerging and developing economies, the financial sector and role of the state in the macroeconomy.
University Courses and Careers
Many students go on to study Economics or a closely related course at University. The subject opens up a range of potential careers including professional Economist, Law, Banking, Finance and Accountancy, Marketing and Journalism.
Economics is a qualification well-respected by employers. Research by the Institute for Fiscal Studies found that economics is the second most lucrative degree subject (behind Medicine), in terms of median earnings up to ten years after graduation.