Economics

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Economics 2017-11-14T14:58:26+00:00
Introduction
  • The skills developed in Economics will help students in all A Level subjects and in all jobs.
  • Students will improve and extend their communication, ICT and numeracy skills as a result of taking these courses and gain a wider understanding of the economic environments in which business operate and will provide an excellent foundation for any future career.
  • The subject lends itself to academic learning with direct relevance to real life issues, and a solid foundation for a wide range of university and career choices.
Key Stage 4

Year 10

The students embark on a 2 year GCSE Economics course. The first sitting of the examination will be June 2019. The exam board is AQA, specification 8136. In this first year they will be introduced to the subject and study markets, demand and supply, elasticity of demand, prices, the four government economic objectives of stable prices, low unemployment, sustainable growth and a favourable balance of payments.

Year 11

The second year of the GCSE will build on the core concepts of the first, and introduce the notion that markets can fail, why they fail and what can be done to address these failures. An in depth look at macroeconomic policy is covered, as well as the broad topic of international trade. Throughout the GCSE the students will learn how to tackle a range of questions. These on the one hand can be short, requiring a definition or arithmetical calculation, to answers that demand explanation, analysis and evaluation.

Assessment

Candidates sit two papers, Paper 1 – Microeconomics and Paper 2 – Macroeconomics. Each paper is 1h 45m and consists of multiple choice, short and long written answers.

Key Stage 5

Year 12

The students embark on a two-year, linear A Level. The specification is AQA 7135 & 7136. First examination – Summer 2017

AS Modules – Year 12

Microeconomics. This unit provides an introduction to why economic choices have to be made, the market model, how markets can be efficient and also how they can fail (e.g. road congestion), and what governments can do to correct market failure (e.g. road pricing).

Macroeconomics. This unit provides an introduction to how the level of macroeconomic activity is determined and to key macroeconomic indicators (e.g. exchange rates), problems (e.g. unemployment) and policies (e.g. changing interest rates).

Year 13

In the second year, candidates develop the micro and macroeconomics already learnt at AS, considering economic concepts and theories in greater depth and recognising the values and limitations of economic models. Two new topics have been introduced, highlighting the growing importance of financial and behavioural economics in current thinking.

Paper 1 – Microeconomics. Building on the first year’s work, this module looks in depth at the firm’s costs and revenues, monopolistic competition and oligopoly, the labour market and poverty. It also introduces the fascinating new area of behavioural economics.

Paper 2 – Macroeconomics. Students will look into monetary policy and the financial system in depth, and look more closely at the international issues of globalisation and protectionism against free trade.

The synoptic paper 3 – Economic Principles and Issues.

Assessment

At A Level candidates sit three papers. For the first two, Micro and Macroeconomics, candidates are required to answer a data response question (from a choice of two) and an essay (from a choice of three). The third paper consists of an Objective Test section, while the written section focuses on a topical issue which requires an extended essay response.

Each of the 3 Units account for 33% of the overall A Level result.