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Economics

Overview

Ever wonder why food costs rise when gas prices spike?  Ever question why U.K. politicians worry when other countries talk of going bankrupt?  Ever wonder why you can’t get a good interest rate on your savings account?  All of these phenomena can be explained through Economics.  Economics is the study of what gives us our modern lifestyle.  Economics is concerned with the way society chooses to employ scarce resources to produce goods and services for present and future generations.

KS5 (Years 12 and 13)

Economics is an immensely useful A-Level, regardless of your future aspirations - it’s a highly esteemed academic discipline that compliments a host of other subjects. Knowing some basic economics will really help you to understand politics and important social changes. Similarly, the foundation of economics relates to many philosophical principles, and many historical events can be better analysed if put in the right economic context.

Grade B in both GCSE Mathematics and GCSE English Language and two grade B’s in Science.

Topics

  • Theme 1: (Year 1) Introduction to markets and market failure

This theme focuses on microeconomic concepts. Students will develop an understanding of the nature of economics; how markets work; market failure; government intervention.

  • Theme 2: (Year 1) The UK economy – performance and policies

This theme focuses on macroeconomic concepts. Students will develop an understanding of measures of economic performance; aggregate demand; aggregate supply; national income; economic growth; macroeconomic objectives and policy.

  • Theme 3: (Year 2) Business behaviour and the labour market

This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics. Students will develop an understanding of business growth; business objectives; revenues, costs and profits; market structures; labour market; government intervention.

  • Theme 4: (Year 2) A global perspective

This theme develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global context. Students will develop an understanding of poverty and inequality; international economics; emerging and developing economies; the financial sector and the role of the state in the macro economy.

Extended Curricular Opportunities

  • Competitions- Economics students are encouraged to participate in the annual Target 2.0 competition, run by the Bank of England.  Students are also given the opportunity to take part in the Student Investor competition, and The Royal Economics Society Essay Competition.
  • Speakers and trips will be organised based on availability and the hot topics of the day.

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Student Testimonies

"I've really enjoyed studying economics because I love how applicable it is to real life. From going from a subject that I knew nothing about to discovering how in reality we're learning economics every time we switch on the news, it's been great to explore such a diverse subject. The lessons are fun with lots of opportunity for discussion and debate which has made for a challenging, yet engaging, two years. Economics is definitely a great subject to choose if you're looking for something new and exciting that will help you to decipher some of the most major events that happen around the globe and in this country."

“Economics is a subject that really broadens your knowledge as to the things happening around you both globally and nationally. This was one of the many reasons as to why I picked Economics as I had little understanding about current affairs and the course really helps you overcome that. As a whole I don't have a favourite topic as such but development is a fascinating subject and really makes you understand how people living in less developed country vary from those living here.  It is also a very unique course in comparison to others as it is always changing and hence you’re always going to learn something new and be able to apply it to real life examples.  The teaching standards at our school are also extremely high and the teachers are really supportive and easy to approach. As a whole it's honestly one of the best subjects out there which will always affect you (for example decision making skills) and provides a solid background knowledge which can be applied to various courses!”