Economics

Introduction

There has never been a better time to start studying Economics.  As a highly regarded academic discipline, the knowledge and skills that pupils develop through this course enhance career opportunities for a broad range of industries. 

Do you ever wonder why: Raheem Sterling earns more in a day than teachers earn in a year?  Petrol prices keep rising?  The pound changes in value all the time?  The government, rather than private firms, provide street lamps? Donald Trump has put tariffs on Chinese washing machines and solar panels?  The UK is leaving the EU?  A hot summer helped the economy to grow?

The study of Economics will provide the answers to these questions and many more.  It will change the way you look at the world and help you understand the underlying theory and arguments behind a wide range of issues. 

Lower School

The subject is not offered in the Lower School.

Middle School

The subject is not offered in the Middle School.

Senior School

The subject is offered to the Senior School, ie those in the Sixth Form.

Economics
Board: Edexcel

Economics is studied as a full A Level over two years. 

In the first year, both micro and macro-economics are studied. The micro module investigates how different markets work, why they fail and what can be done when they do fail. In the macro module, pupils will learn how the government attempts to control and manage the economy through economic policies aimed at maximising the welfare of producers and consumers.

In the second year, there is a greater focus on competition and international trade. Pupils will consider business economics and debate whether monopoly markets are good or bad. The patterns of international trade and the influence of China and other emerging economies will also be discussed.

An interest in the news is essential. Pupils will need to learn key economic terms, analyse and evaluate issues and apply economic theories to different real life scenarios. Pupils will need to construct, explain and provide a critical understanding of diagrams.

Economics provides an excellent springboard for any business, management, finance or accounting degree as some elements of these degree courses will have an economics component. Pupils considering an economics degree should also study mathematics. AS economics is very career related, it combines well with any subject at AS and A Level especially mathematics, politics and geography. 

Co-Curricular 

A variety of activities are planned including competitions, revision days and speakers from industry to enrich the study of economics. 

Sixth Form

Economics is a rigorous academic subject that requires both a keen interest in global economic affairs alongside a strong work ethic. Pupils require no previous knowledge of the subject, however good numerical and written ability is often advantageous.

Examination Board: Edexcel 9EC0

The Edexcel Level 3 Advanced GCE in Economics A is structured into four themes and consists of three externally examined papers.

Pupils build knowledge and understanding of core economic models and concepts in Themes 1 and 2, and then build on this and apply their knowledge to more complex concepts and models in Themes 3 and 4. Pupils will learn how to apply their knowledge and understanding to both familiar and unfamiliar contexts in the assessments and demonstrate an awareness of current economic events and policies.

The aims of the course are to enable pupils to: 

  •     develop an enthusiasm for the subject;
  •     appreciate the contribution of economics to the understanding of the wider economic and social environment; 
  •     develop an understanding of a range of concepts and an ability to use those concepts in a variety of different contexts; 
  •     develop an ability to think as an economist; 
  •     understand that economic behaviour can be studied from a range of perspectives; 
  •     develop analytical and quantitative skills, together with qualities and attitudes that will equip them for the challenges, opportunities and responsibilities of adult and working life.  

The A Level specification is designed to be taken over two years with all assessments taken at the end of the course. Pupils must complete all exams in May/June in the same year. 

A Level 

The Edexcel Economics specification is structured into four themes and consists of three externally examined papers.

Pupils build knowledge and understanding of core economic models and concepts in Themes 1 and 2, and then build on this and apply their knowledge to more complex concepts and models in Themes 3 and 4.

Paper 1:  Markets & Business behaviour (Code: 9EC0/01)

35% of the A Level.
Duration:  2 hours (100 marks).
Section A comprises a range of multiple choice and short answer questions.
Section B comprises one data response question broken down into a number of parts.
Section C comprises a choice of extended open response questions; pupils select one from a choice of two.
Paper 1 will assess microeconomics and questions will be drawn from Themes 1 and 3.

Paper 2:  The National & Global Economy (Code: 9EC0/02)

35% of the A Level.
Duration: 2 hours (100 marks).
Section A comprises a range of multiple choice and short answer questions.
Section B comprises one data response question broken down into a number of parts.
Section C comprises a choice of extended open response questions; pupils select one from a choice of two.
Paper 2 will assess macroeconomics and questions will be drawn from Themes 2 and 4. 

Paper 3:  Microeconomics and macroeconomics (Code: 9EC0/03)

30% of the A Level.
Duration:  2 hours (100 marks).

The paper comprises two sections.  Each section includes one data response question broken down into a number of parts, including a choice of extended open response questions; pupils select one from a choice of two.

Paper 3 will assess content from across all four themes. Pupils are required to apply their knowledge and understanding, make connections and transfer higher order skills across all four themes.