What do I need to study Economics?

You do not need to have studied Economics and/or Business at GCSE in order to take an A Level course in the subject. If you have studied a business related subject at GCSE you must have achieved at least a Grade 5.

A Grade 5 in English or English Literature AND a Grade 5 in Mathematics is required.

It is vital that you have a keen interest in economic and political affairs and a desire to explore why and how the study of Economics contributes to an understanding of the modern world. The Economics A level course is very challenging and requires much in the way of personal study. It is however, a very rewarding subject which provides students with an excellent foundation in a traditional academic subject. Economics is recognised by the Russell Group as a hard subject, but is not listed as a facilitating subject because not many schools and colleges teach it.

The course will appeal to students who:

• Enjoy studying a subject that affects their own everyday lives. The American phrase “It’s the economy, stupid” comes to mind
• Want to keep their options open – Economics can be combined with a wide range of science, social science and humanities subjects
• Have completed a GCSE course in Economics and wish to further their study
• Wish to pursue a career as an economist or in a economics-related profession
• Are pursuing languages/science A level courses – economics deals with an ever growing range of global issues

What does the course involve?

• How to develop an understanding of economic concepts and theories through a critical consideration of current economic issues, problems and institutions that affect everyday life
• How to apply economic concepts and theories in a range of contexts and to appreciate their value and limitations in explaining real-world phenomena
• How to analyse, explain and evaluate the strengths and weaknesses of the market economy and the role of government within
• How to participate effectively in society as a citizen, producer and consumer

How is Economics assessed? (Pearson Edexcel course)

Unit 1 – markets and business behaviour

Introduces and develops economics and examines how the price mechanism allocates resources in markets. It analyses the nature of market failure. Students should be able to apply supply and demand analysis to real-world situations; to understand why markets might not allocate resources efficiently and the methods of dealing with market failure, together with an evaluation of their effectiveness. Industrial models will also be covered, ranging from Perfect Competition to Monopoly markets.

Assessment: 2 hour paper

Unit 2 – national and global economy

Introduces and develops the key measures of economic performance and the main objectives and instruments of economic policy. Students should be able to use a range of economic models to understand why demand and/or supply side policies may be seen as appropriate ways of managing an economy; predict the possible impact of such policies and to recognise the assumptions involved. Students will need to contextualise the UK in the global market, understanding the movement in global powers.

Assessment: 2 hour paper

Unit 3 - microeconomic and macroeconomic paper

This paper will be made up of topics from the entire course.

Assessment: 2 hour paper

What can I do with an A Level in economics?

Students with AS or Advanced GCE Economics have access to a wide range of possible career and higher education opportunities. You learn and use a variety of transferable skills throughout the course.

These include:

• Collecting and analysing economic information from different sources
• Development of written communication skills
• Development of excellent problem-solving and evaluation skills

These skills are in great demand and are recognised by employers, universities and colleges as being of great value. Economics combines well with a range of social science and humanities subjects to lead to university courses in such areas as law, accounting, politics business and, of course economics.