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
To help students 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 A*-C grades at GCSE with a Grade B minimum 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

AS Examinations
Unit 1 – ECON1
Economics: Markets and Market Failure

50% of AS, 25% of A Level
1 hour 15 minutes examination
75 marks (100 UMS)

Section A: 25 compulsory objective test items (25 marks)
Section B: Two optional data response questions are set; candidates answer one. (50 marks)

Unit 2 – ECON2
Economics: The National Economy

50% of AS, 25% of A Level
1 hour 15 minutes examination 75 marks (100 UMS)

Section A: 25 compulsory objective test items (25 marks)
Section B: Two optional data response questions are set; candidates answer one. (50 marks)

A2 Examinations
Unit 3 – ECON3
Economics: Business Economics and the Distribution of Income

25% of A Level
2 hour examination 80 marks (100 UMS)

Section A: Two optional data response questions are set; candidates answer one. (40 marks)
One question will always relate to the global context and the other to theEuropean Union context.

Section B: Three optional essay questions are set; candidates answer one. (40 marks)

Unit 4 – ECON4
Economics: The National and International Economy

25% of A Level
2 hour examination 80 marks (100 UMS)

Section A: Two optional data response questions are set; candidates answer one. (40 marks)
One question will always relate to the global context and the other to the European Union context.

Section B: Three optional essay questions are set; candidates answer one. (40 marks)