Economics

Course: AS and A2

Subject Overview
Economics is perhaps one of the most relevant subjects offered at A-level. It aims to help students understand how the UK economy in particular works and how global economic issues affect the United Kingdom and its people. In Economics, students will analyse the contextual issues we face today in terms of employment, inflation, economic growth and the United Kingdom’s international trade position.

Economics is really about the issues that confront us all. As such, students are expected to keep abreast of contemporary issues through regular reading of economic press reports in The Economist Magazine and the Financial Times as well as being actively engaged in the reading of financial literature. They will be expected to listen to BBC World News and CNN as well as investigative economic news content from Sky News and Al Jazeera on a daily basis. Economics aims to develop an understanding of economic concepts and theories and helps students to appreciate the value and limitations in explaining current economic issues.

Prospective students on the course will also be expected to apply economic concepts and theories in a range of contexts, appreciating their strengths and weaknesses in explaining current issues that confront the world we live in. A-level Economics focuses on the performance of the UK Economy and other major global economies like The European Union, America, China and emerging economies like Africa and the BRIC Nations(In economics, BRIC is a grouping acronym that refers to the countries of Brazil, Russia, India and China, which are all deemed to be at a similar stage of newly advanced economic development) and will teach students to analyse, explain and evaluate the strengths and weaknesses of the UK Economy and the role of the government within it.

Economics is highly respected as an A-level by universities for all sorts of courses. They know that if people have done well in Economics they will be equipped with a great deal of knowledge and have learned some very useful skills such as a high level of attention to detail, analysis, economic modelling and evaluation that will make them highly sought after as they will become suitable for a wide range of university courses and ultimately careers in Finance, Investment Banking, Accountancy, Law, Politics. Management, Business and of course Economics itself.

Aim of the Economics A-level

Economics in the sixth form is geared towards getting students to develop an understanding of economic concepts and theories and appreciate their value and limitations in explaining current issues that confront the UK economy and the global economy at large.

Entry Requirements
Students are expected to have at least 5 passes at GCSE with a minimum requirement of Grade 6 in English and Maths at GSCE. They should have an enquiring mind and have a love for reading.

Complementary Subjects
Popular and useful subject combinations that work well with Economics at A-level include: Mathematics, History, Government and Politics, Law, Geography, English Literature.

Course Content

Exam Board: AQA

AS Examinations

Students sit these exams at the end of Year 12
 

Paper 1: The operation of markets and market failure

 

Paper 2: The national economy in a global context

 

What is assessed

a) The operation of markets and market failure

b) Economic methodology and the economic problem

c) Price determination in a competitive market

d) Production, costs and revenue

e) Competitive and concentrated markets

f) The market mechanism, market failure and government intervention in markets

 

 

What is assessed

The national economy in a global context

a) The measurement of macroeconomic performance

b) How the macroeconomy works: the circular flow of income, AD/AS analysis, and related concepts 8

c) Economic performance

d) Macroeconomic policy

 

Exam Breakdown

• Written exam: 1 hour 30 minutes

• 70 marks

• 50% of AS Questions

• Section A: 20 multiple choice questions worth 20 marks

• Section B: data response questions requiring written answers, choice of one from two contexts worth 50 marks

 

Exam breakdown

• Written exam: 1 hour 30 minutes

• 70 marks

• 50% of AS Questions

• Section A: 20 multiple choice questions worth 20 marks

• Section B: data response questions requiring written answers, choice of one from two contexts worth 50 marks

 

 

 

 

A2 Examinations

Students sit these exams at the end of Year 13

 

Paper 1: Markets and market failure

Paper 2: National and international economy

Paper 3: Economic principles and issues

What is assessed

Topic: Individuals, firms, markets and market failure

a) Economic methodology and the economic problem

b)Individual economic decision making

c)Price determination in a competitive market

d)Production, costs and revenue

e)Perfect competition, imperfectly competitive markets and monopoly

f)The labour market

g)The distribution of income and wealth: poverty and inequality

h)The market mechanism, market failure and government intervention in markets

What is assessed

Topic: The national and international economy

a)The measurement of macroeconomic performance

b)How the macroeconomy works : the circular flow of income, AD/AS analysis, and related concepts

c)Economic performance

d)Financial markets and monetary policy

e)Fiscal policy and supply-side policies

f)The international economy

What is assessed

All the content in Paper 1 & Paper 2

Exam Breakdown

• written exam: 2 hours

• 80 marks

• 33.3% of A-level

Exam Breakdown

• written exam 2 hours

• 80 marks

• 33.3% of A-level

 

Exam Breakdown

• written exam: 2 hours

• 80 marks

• 33.3% of A-level

Questions

•Section A: data response questions requiring written answers, choice of one from two contexts worth 40 marks

•Section B: essay questions requiring written answers, choice of one from three worth 40 marks

Questions

•Section A: data response questions requiring written answers, choice of one from two contexts worth 40 marks 

•Section B: essay questions requiring written answers, choice of one from three worth 40 marks

Questions

• Section A: multiple choice questions worth 30 marks

•Section B: case study questions requiring written answers, worth 50 marks