|Examining Body: AQA||Specification No: AS-7135 A2- 7136|
5 Grade GCSE Mathematics. (A grade 5 in English is preferred)
Synopsis of Content:
Economics is a highly topical and interesting subject that is embedded in the fabric of society. Economic issues are discussed in the media every day and it is important for students to have a grasp on how changes in economic factors and government policies can affect them as individuals. For example, have you ever wondered:
- Why do football players earn more than nurses?
- Why are interest rates so low and how can changes in the interest rate affect me?
- Why are house prices so high?
- How did the UK get into a recession and have we got out of it?
- How can returns be made in the stock market and how can these changes affect the economy?
- Should the UK leave the E.U?
- What is inflation and how can it affect me?
- Why are so many products “made in China”?
An A-level Economics course will give you the skills and knowledge to be in a better position to discuss these questions and join topical debates within society.
Furthermore, the course will provide you with valuable insights into how different markets work (e.g. housing, commodities and stock markets) and how the forces of demand and supply affect the prices in these different markets. This coupled with knowledge of a variety of government policies will allow students to discover how key changes in economic factors and policies will affect them as individuals. This can be helpful in the future when you want to organise your finances or make investments.
Assessment Methods / Teaching Methods and Resources
There are 3 equally weighted external exams at the end of year 13.
Paper 1: The operation of markets and market failure (MICROECONOMICS)
Paper 1 is a two-hour exam containing short answer questions, one extended data response question (from a choice of two) and two essay questions. The exam is on the following topics:
1) The economic problem and economic methodology
2) Price determination in a competitive market.
3) Production costs and revenue
4) Competitive and concentrated markets
5) The market mechanism, market failure and government intervention in markets
Paper 2: The national and international economy (MACROECONOMICS)
Paper 2 is a two-hour exam containing short answer questions, one extended data response question (from a choice of two) and two essay questions. The exam is on the following topics:
1) The measurement of macroeconomic performance
2) How the macroeconomy works: the circular flow of income, AD/AS analysis and related concepts
3) Economic performance (economic growth, economic cycle, inflation and deflation, unemployment.
4) Financial markets and monetary policy
5) Fiscal and supply-side policies
Paper 3: Economic principles and issues
Paper 3 is a two-hour exam containing thirty multiple choice questions and three extended writing questions based on an economic case study.
Suitability for Combination
Economics can complement the majority of A-levels and shares an abundance of overlapping concepts with a number of different subjects including Maths, English, the Sciences, Social Sciences [Psychology and Sociology], Humanities [History and Geography] and Business Studies.
Progression to Higher Education / Vocational Destinations
Economics is a qualification respected by university admissions tutors as an indication of analytical ability. Furthermore, the course develops numerical skills, communication skills, independent study skills and team working skills-all of which are highly regarded by universities and employers. An A-level in Economics can lead to a degree in any discipline and is respected by employers in any industry because of its wide array of both subject-specific and transferable skills. Studying Economics can lead to employment in any industry but in terms of fields that are usually associated with Economics, students can become economists, bankers, chartered accountants, civil servants, government advisors and statisticians.
Mrs P Bailey – Business & Economic Team Leader Mr S Barnes – Economics Subject Leader
Mrs P Bailey – Business & Economic Team Leader
Mr S Barnes – Economics Subject Leader