Economics Department
Economics is taught within the Social Sciences Department, where it is offered as a Sixth Form subject.
AS and A2 Economics (specification Edexcel 8EC01/9EC01)
Students wishing to study A Level Economics must have achieved at least Grade A in GCSE mathematics and at least Grade B in GCSE English Language or English Literature.
Economics is the study of decisions. It is a social science that considers the unlimited wants of human beings against the scarce resources that are available to meet those wants. Specifically, it analyses the production, distribution and consumption of goods at many levels from individual firms and markets to entire economies.
Students are encouraged to develop an understanding of the economic world and a sound knowledge of its underlying principles. They will realise that Economics is a subject that does not revolve solely around wealth creation or the financial markets and business performance, but affects everyday lives, through interest rate fluctuations, taxation levels, unemployment, migration and even entertainment.
The study of A Level Economics will appeal to students who are curious about the world they live in and are interested in using tools that will help them analyse economies, markets, businesses and individuals – how they interact and the reasons for their successes and failures. An interest in mathematics and current affairs are essential.
AS Economics
The two units which are studied for the AS course are both assessed by a 1½ hour examination consisting of a mixture of supported multiple-choice and data response questions. Each unit contributes 50% to the final AS grade and 25% to the full A level grade.
Unit 1: Competitive Markets — How They Work and Why They Fail
This unit provides an introduction to the nature of Economics and examines how the price mechanism allocates resources in markets. It analyses the nature of market failure, its causes and possible policy remedies. At the end of this unit, students should be able to apply supply and demand analysis to real-world situations; to understand why markets might not allocate resources efficiently and the methods of dealing with market failure, together with an evaluation of their effectiveness.
Unit 2: Managing the Economy
This unit introduces the key measures of economic performance and the main objectives and instruments of economic policy. Students should be able to use a basic AD/AS model to understand why demand and/or supply side policies may be seen as appropriate ways of managing an economy; predict the possible impact of such policies and to recognise the assumptions involved; argue for different approaches and identify criteria for success.
A2 Economics
Units 3 and 4 which comprise the A2 course each contribute 40% and 60% respectively to the final A2 grade. They contribute 20% and 30% respectively to the full A Level grade. Unit 3 is assessed by a 1½ hour examination, which consists of supported multiple-choice questions and one data response question (from a choice of 2). Unit 4 is assessed by a 2 hour examination , consisting of one essay question with two parts from a choice of three topic areas, and one data response question.
Unit 3: Business Economics and Economic Efficiency
This unit develops the content of Unit 1 and examines how the pricing and nature of competition between firms is affected by the number and size of market participants. At the end of this unit, students should be able to analyse the pricing and output decisions of firms in different contexts. They should also be capable of making an appraisal of government intervention aimed at promoting competitive markets.
Unit 4: The Global Economy
This unit develops the knowledge and skills gained in Unit 2 so that they can be applied in a global context. The application, analysis and evaluation of economic models is required as well as an ability to assess policies which might be used to deal with economic problems. An awareness of trends and developments in the global economy over the last 10 years is required.