Economics2018Prospectus 01Course Outline

Economics looks at how societies deal with the scarcity of resources and the role of government in dealing with the economic problems that stem from this. Microeconomics considers the rationale behind the behaviour of consumers and firms, whilst macroeconomics investigates issues such as inflation, unemployment and international trade. Students will apply economic theories and concepts to current issues such as Austerity, the EU financial crisis, financial markets, global warming, globalisation and the growing inequality in modern economies.

Economics is the branch of social science that deals with the production and distribution and consumption of goods and services and their management and with the various related problems of labour, finance, taxation, etc. You don't need to have studied the subject before to be successful.

The AS course is divided into two discrete areas of study:

  • 1. Microeconomics: involving scarcity & choice, markets (demand & supply), resource allocation and market failure.
  • 2. Macroeconomics: involving macroeconomic objectives, aggregate demand & aggregate supply, policy instruments and international trade.

At A-level these themes are explored in greater detail.

Entrance requirements and skills needed

The course requires a good standard of English and maths. Students are encouraged to develop an awareness of business topics which can be used as examples in written work. Students do not need to have studied the subject at GCSE.

Assessments - OCR qualification

Economics A level 01

The AS and A Level are 100% exam based.

The AS Level exam consists of the first two papers (Unit 1 Microeconomics & Unit 2 Macroeconomics) and contains multiple choice, short answer and extended answer (essay) questions. Each paper is worth 50% of your mark.
The A Level exam consists of all three papers at the end of the two year course with similar content to the AS exam but longer essay questions. Each of the three papers is worth a third of your final grade.


Why study Economics?

economics3Economics is a highly respected subject at A-Level, which provides a useful background for a wide variety of degree choices. These include: Banking and finance, Accounting, Management Science and Law. It can also lead to many well paid careers in the city, such as International or Corporate Banking, Trading in the commodities or money markets, stock broking, as well as careers in the media, advertising, accounting, charity work, government, and business consultancy. 

Economics combines well with an unusually wide range of A Levels, providing increased breadth and relevance to a Science or Art option. Especially worthwhile combinations with AS Economics, Mathematics, History or Politics. Students who intend to study Economics at university should also take AS/A level Mathematics, which is a requirement for most economics degree courses.

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