The economy is the backbone of our society and its importance has been ever more apparent in recent years. If you have ever wondered why food prices increase when oil prices rise or why some jobs pay so much more than others, or why the Government is involved in particular parts of the economy then this subject is one that will interest you. During the course you will gain an informed opinion as to why certain things happen in our economy and how these things can have an impact on everyone in the UK. We will learn about the economic issues of the day, investigate why we have a national debt, consider the problem of unemployment and how it might be reduced. We will look at topical issues such as the “house price bubble” and interest rates. By the end of the course you should be well informed about our economy and global issues in other parts of the world. In Economics you will learn by reading, discussing and writing about the issues we study. The proximity to the many financial and economic institutions in the capital will provide us with an excellent opportunity to visit and see how the heart of the economy works. So, if you have wondered what goes on in the Bank of England, what the role of the Government is in the economy or how Britain fits into the global economy, then this subject is the one for you.
The course is split into four themes:
Theme 1: Introduction to markets and market failure
This theme focuses on microeconomic concepts. Students will develop and understanding of:
- Nature of economics
- How markets work
- Market failure
- Government intervention
Theme 2: 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: Business behaviour and the labour market
This theme focuses and 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: A global perspective
This theme focuses and develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global context. Students will develop an understanding of:
- International economics
- Poverty and inequality
- Emerging and developing economics
- The financial sector
- Role of the state in the macroeconomy
How will I be assessed?
There are three exam papers:
- Paper 1: Markets and business behaviour
- 35% of the total qualification. Paper 1 will assess microeconomics and questions will be drawn from Themes 1 and 3.
- Paper 2: The national and global economy
- 35% of the total qualification. Paper 2 will assess macroeconomics and questions will be drawn from Themes 2 and 4.
- Paper 3: Microeconomics and macroeconomics
- Paper 3 will assess content across all four themes. Students are required to apply their knowledge and understanding, make connections and transfer higher-order skills across all four themes.