Economics

EXAMINATION BOARD: AQA

SPECIFICATION CODE: 7153/7156

EXPECTED GCSE REQUIREMENTS: A GRADE 7 OR ABOVE IN MATHS AND ENGLISH LANGUAGE.

WHAT WILL I LEARN?

The Economics course explores how governments, firms and individuals can solve the world’s desire for unlimited needs and wants with the scarce resources available. Economics will give you the analytical and evaluative skills required to deal with a range of questions and issues that affect the world today.

Initially you will study basic economic concepts and theories such as supply and demand; the operation of markets for goods, services and labour; reasons why markets sometimes fail (e.g. the recent problems in the financial and housing markets); and how policies can be used to remedy such failure. You also look at the key features and measures of the UK economy such as unemployment, inflation and economic growth, which will help you to understand, and comment upon, government policy.

Key topics in the second year of the course are business economics and the labour market. You also examine the global economy, including financial markets, and the role of the state in the macroeconomy. You then examine and explore the economies of developing countries and consider wider issues such as poverty, aid and debt.

HOW WILL I BE ASSESSED?

Assessment is through three written exam papers.

Paper 1: Markets and Market Failure, 2 hours (80 marks)

Paper 2: National and International Economy, 2 hours (80 marks)

Paper 3: Economic Principles and Issues, 2 hours (80 marks)

WHERE WILL THIS TAKE ME?

Studying A Level Economics could take you to study a range of degrees in subjects including Economics, Government and Politics, and Business. Economists work in a variety of fields such as the City markets, financial services, government and administration, and business services.

WHAT ENRICHMENT ACTIVITIES ARE THERE?

As well as the subject tutorials, the Economics department runs visits to financial institutions and student conferences. We have also had the pleasure to host some great guest speakers e.g. economists from the Office of National Statistics, and advice from a former chief examiner of the subject. We have also had various online webinars such as from the Bank of England and the department of Economics at the University of Warwick. There is a potential collaborative New York visit for all Economic and Business students providing a reallife perspective and application of knowledge.