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ECONOMICS

OVERVIEW We cannot satisfy all our human wants because our resources are strictly limited in supply. So we are all forced to make choices – to economise. Economics studies the logic of those choices. We start at the elementary level of consumers buying goods and services and then go on to develop an understanding of how and why Governments choose between different national objectives. We will look at a range of issues from trying to understand why some economies are not developing as rapidly as others, to looking at how individual consumers behave in the exciting new field of Behavioural Economics. The course will give you a thorough grounding in economic ideas and an understanding of what makes the economic system tick. THE A LEVEL COURSE The A Level course is divided into two distinct areas; 1. Microeconomics This looks at the operation of individual markets and provides an insight into how markets work. In the L6, pupils will look into a range of markets, from commodity markets (including the oil market) to currency markets. Pupils will also look at Market Failure, where government intervention is required to maximise the welfare of society. Markets studied here include the education markets, transport markets and the drugs market. In the U6, pupils investigate market structures, looking at how monopolies and oligopolies operate and how the government intervenes in these markets to ensure they operate efficiently. 2. Macroeconomics This area of the course looks at how the British economy works and how the Government intervenes to try and influence key national indicators. Pupils assess economic performance by looking at inflation, unemployment, trade and economic growth and consider Monetary and Fiscal Policy to achieve goals. In the U6, pupils look at the international environment, looking at the global financial markets and international institutions such as the IMF, World Bank and WTO. Pupils will also be expected to critically assess the economic impact of global events and logically deduce consequences.

Assessment Three 2 hour written examinations, assessing the work from both the L6 and U6 years. The papers will contain a mixture of multiple choice, short and long answer questions. Paper 1 is based on Microeconomics and Paper 2 is based on Macroeconomics. Paper 3 is a synoptic paper which draws on both microeconomic and macroeconomic topics.

ENTRY / APTITUDE REQUIREMENTS No previous study of Economics is required to study the A Level course, although an interest in current affairs is expected. A minimum Grade 6 in Maths, English Language and English Literature is required. ADDITIONAL INFORMATION Although you do not need to study A Level Mathematics to study A Level Economics, most university courses require A Level Mathematics. (Those considering Economics at Cambridge and the LSE are advised to take Further Mathematics).

Exam Board: AQA Specification Name: Economics

For further information please contact Mr Mackintosh 21

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