Economics

Economics is the study of how people, businesses, and governments make choices about using limited resources to satisfy their needs and wants.

By the end of the A Level Economics course, students will have a greater understanding of government policy and strategy and why governments make the decisions they do.

Students will learn about global trade, poverty, competition, employment and fiscal/monetary policy, as well as about how our banking system helps the economy, and how supply and demand affects consumers, producers and governments.

During their course, students will be encouraged to develop a critical approach to economic models and methods of enquiry. They will have a good knowledge of developments in the UK economy and government policies over the past 15 years.

Students will be expected to acquire competence in quantitative skills that are relevant to the subject content and be familiar with the various types of statistical and other data which are commonly used by economists. They should be able to make relevant calculations from economic data and be able to interpret data. Students should understand the role of evidence in economic decision-making but should appreciate the importance of value judgements.

It is expected that students will acquire a good knowledge of trends and developments in the economy which have taken place over the past 15 years and also have an awareness of earlier events where this helps to give recent developments a longer-term perspective.

After following this rigorous and broad two-year curriculum, our students will be ready to study economics and related courses at university.

Year 12

The operation of markets and market failure. This area of the curriculum is primarily about microeconomics. Students will be required to acquire knowledge and understanding of a selection of microeconomic models and to apply these to current problems and issues. Models such as demand and supply, the operation of the price mechanism and causes of market failure are central to this part of the curriculum

The national economy in a global context. This area of the curriculum is primarily about macroeconomics. Students will be required to acquire knowledge and understanding of AD/AS analysis and should be provided with opportunities to use this analysis to explore recent and current economic behaviour. They should understand, and be able to analyse and evaluate macroeconomic policy

Year 13

Individuals, firms, markets and market failure. Students will be required to build upon knowledge and understanding of a selection of microeconomic models and to apply these to current problems and issues. New models such as perfect competition, monopoly and wider causes of market failure are central to this part of the specification. Students will need to demonstrate a realistic understanding of the decisions made by firms and how their behaviour can be affected by the structure and characteristics of the industry in which they operate. Other key models relate to the operation of labour markets, wage determination and causes of inequalities in the distribution of income and wealth.

The national and international economy. Students should have a deepening knowledge of developments in the UK economy and government policies over the past 15 years. They should also be aware of developments in the world economy, including the European Union, and how these have affected the UK. Students should recognise that there are a number of models demonstrating how the macroeconomy works and should appreciate that different economic models provide insights into different aspects of the behaviour of the macroeconomy.