/i/video/Updated_Economic.mp4

Specification:

Pearson Edexcel Economics B

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 then 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, university visits, 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 (3 x 2 hour papers). An ability to communicate well in written form is essential as this is an essay based subject.  However, 25% of assessment will involve Economic and Maths calculation, diagrams and interpretation which will need to be applied and developed to real world contexts in the exam, and then developed into extended written answers and essays.

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, Durham and LSE. Economics is also a route to other subject areas and careers including: Accountancy, Economics, Maths, Business, and Financial services, Insurance, Management, Marketing, Philosophy, Politics and Social Sciences. This is a demanding subject that will require a very good level of English and Maths.

Teacher responsible: Ms A Ashley