Economics

Specification:

Edexcel

Qualification type:

A Level

Entry criteria (GCSE grades):

5 in English and 5 in Maths

Subject description:

Economics is a very dynamic and relevant subject. It can be defined in a few different ways: the study of scarcity, the study of how people use resources and respond to incentives, or the study of economic decision-making. This course aims to encourage students to develop an academic understanding of relevant economic and business concepts and theories and to apply them to real-world issues. An interest in the wider world will be essential. Students will have the opportunity to participate in study trips, student conferences in London, Junior Investor Challenge, Enterprise Day and other Economic and Business competitions.

Course Outline:

Theme 1 - Markets, consumers and firms

Scarcity, choices and potential conflicts; Enterprise, business and the economy; Sources of finance; The markets; Market failure and government intervention; Revenues, costs, profits and cash.

Theme 2 - The Wider economic environment Business growth and competitive advantage; Marketing and price & income elasticity of demand; Increased business efficiency; Life in the global economy; The economic cycle; Introduction to macro-economic policy.

Theme 3 - The global economy

Globalisation; Business expansion; Global marketing; Multinational corporations; Global labour markets; Inequality and redistribution.

Theme 4 - Making markets work

Competition and market power; Market failure across the economy; Macroeconomic policies and impacts on firms and individuals; Risk and the financial sector.

How the course is assessed:

Examinations are 100% of the assessment. An ability to communicate well in written form is essential; 25% of assessment will involve Economic and Maths calculations which will need to be applied and developed to real world contexts and developed into extended written answers and essays:

Three two-hour exams in Year 13.

Post-18 opportunities:

The course gives students access to a range of careers and opportunities for higher education; we have had students go to read Economics at Oxbridge and LSE. Economics is also a route to other subject areas and careers including: Accountancy, Economics, Maths, Business, Finance, Insurance, Management, Marketing, Philosophy, Politics and Social Sciences. This is a demanding subject that will require a very good level of Maths and English.

Teacher responsible: Mr N Edge.