"Economics is everywhere, and understanding economics can help you make better decisions and lead a happier life." - Tyler Cowen

Why are banks 'too big to fail'? What's inflation, and does it affect me? I hear a lot about interest rates and payday loans, but I want to know what it means... Economics is where you find this out, and a lot more.

What is Economics?

Economics is the study of the allocation of resources.  For example, three people have a cake - how do you share the cake? Most people would say to the split the cake into three equal pieces - but maybe one person made the cake, so they should get more. Maybe one person skipped breakfast so they should get more cake...

This is Economics - "the study of sharing"!

What do I study in Economics?

 

  • How to make better choices in life, breaking down complicated real-life problems into easy decisions
  • What governments do to improve society by fixing problems, and how this can sometimes go badly wrong
  • Why we trade with distant countries like Kenya rather than neighbouring EU countries - is this good for Kenya?
  • Why petrol prices are so high despite oil prices falling, and how we stop this.

 

What skills will I learn in Economics?  

 

  • Working as a team, as well as independently
  • Problem-solving and finding solutions
  • Analytical thinking
  • Use mathematics in context of real-life problems

The course

This is a two-year linear course in A Level Economics. After two years of study, candidates can choose to undertake either the AS Level or A-Level Economics.
 
Economics is in two parts - Microeconomics (the study of consumers, firms, and the government) and Macroeconomics (the study of a country's economy and how it interacts with other countries)
 
AS -
Unit 1 - Microeconomics - Microeconomic theory; How competitive markets work; Market failures and government intervention (Examination, 50%)
Unit 2 - Macroeconomics - Macroeconomy functions on a domestic and global level; Policy approaches; Macroeconomic equilibrium (Examination, 50%)
The exams are a mixture of multiple choice, as well as short and long answer questions.
 
A-Level -
Unit 1 - Microeconomics - Microeconomic theory; Theoretical workings of the free market; Imperfections and market failures (Examination, 33.3%)
Unit 2 - Macroeconomics - Macroeconomy functions on a domestic and global level; Policy approaches; Changes in macroeconomics over time (Examination, 33.3%)
Unit 3 - Themes in Economics [Applied Economics] (Examination, 33.3%)
The exams are a mixture of short and long answer questions.

 

Entry Requirements/Co-Requisites

 

Candidates should have a keen interest in current affairs and world events, as they will be expected to write about recent affairs in their examination. 
A minimum of a grade B/5 in GCSE Mathematics is required because of the data interpretation part of the course. A grade C/4 in GCSE Mathematics can be accepted with a passing grade in the Economics Baseline Test, completed in the 1st week of Year 12.
Studying A-Level Mathematics alongside A-Level Economics is encouraged for studying Economics at a higher level. 

Further information 

If you would like further information about this subject please contact the Head of Economics, Mr M Coop at:
 
Queens Road West
Accrington
Lancashire
BB5 4AY
 
T 01254 232 992
F 01254 355 215

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