Economics

Exam Board: Edexcel Economics A Syllabus: A-level: 9ECO Consult: Mr Mercer

WHY STUDY THE SUBJECT? Economics provides you with the knowledge and insight necessary to understand the impact of developments in business, society and the world economy. It is concerned with how society sets about meeting people’s demands for things they want to consume. We all make economic decisions every day of our lives. Economics offers a way of thinking about the world that enables us to make the best of what we have. For example, what makes a diamond more expensive than a necessity like water? Should public transport be subsidised by the government? Why do celebrities get high pay while skilled nurses are paid significantly less?

CONTENT AND BREAKDOWN Year 12 Modules:

Theme 1: Introduction to markets and market failure

• Nature of economics • How markets work • Market failure • Government intervention

Theme 2: The UK economy – performance and policies

• Measures of economic performance • Aggregate demand • Aggregate supply • National income • Economic growth • Macroeconomic objectives and policy

Additional Year 12 Content

Theme 3: Business behaviour and the labour market

Business growth

• Business objectives • Revenues, costs and profit • Market structures • Labour market • Government intervention

Theme 4: A global perspective

• International economics • Poverty and inequality • Emerging and developing economies • The financial sector • Role of the state in the macroeconomy

ASSESSMENT Paper 1 will assess microeconomics and questions will be drawn from Themes 1 and 3 (35%) Paper 2 will assess macroeconomics and questions will be drawn from Themes 2 and 4 (35%). Paper 3 will assess content across all four themes. Students are required to apply their knowledge and understanding, make connections and transfer higher-order skills across all four themes (30%).

EXTRACURRICULAR We organise trips to listen to first class Economists. Previous trips include the Marshall Society annual conference at Cambridge University and the annual speaker day at RGS, Guildford.

AFTER ASHCOMBE A-level Economics crosses the humanities/science divide. (Those who think they may want to read Economics at university are well advised to combine it with Maths at A-level). Students often study courses combined with other subjects such as History, Politics, Geography, Maths or a language because of the strong logical base that the subject provides. Students typically go on to study Economics, Management, Accounting, Law or other business related courses.