Economics

Ever wondered why decisions are made which affect you and the country you live in? Think you have the answers and want a platform to voice them? If the answer is yes, then the study of economics is for you as it analyses the tensions and choices of both everyday and more unusual decisions.

Whilst the subject uses techniques that incorporate a variety of teaching and learning styles, discussion and research, there is also an emphasis on developing a student's ability to think logically and critically. It is essential for students to have a numerical capability to handle data and present information graphically. Indeed many students choose to study this subject alongside A level Mathematics.

We follow the OCR Specification with assessment taking place at the end of year 2.  These are divided into the study of micro-economics and macro-economics. 

Students will sit three, 2 hour examinations at the end of year 2.  Each exam accounts for 33.3%.  The exam comprises of multiple choice, short answer questions, data response and essay format questions.

 

The aim of the specification:

  • provide a coherent combination of microeconomic and macroeconomic content, drawing on local, national and international contexts;
  • foster an appreciation of economic concepts and theories in a range of contexts and their value and limitations in explaining real-world phenomena
  • develop an understanding of economic concepts and theories through a critical consideration of current economic issues, problems and institutions that affect everyday life;
  • select, interpret and use appropriate data from a range of sources;
  • analyse, explain and evaluate the strengths and weaknesses of the market economy and the role of government within it;
  • develop a critical approach to economic models and methods of enquiry;
  • study economic choices and markets;
  • study the national and international economy.

 

The following units are studied during the 2 year course:

 

Microeconomics:
  • The economic problem and economic methodology
  • Individual economic decision making
  • Price determination in a competitive market
  • Production, costs and revenue
  • Perfect competition, imperfectly competitive markets and monopoly
  • The labour market
  • The distribution of income and wealth: poverty and inequality
  • The market mechanism, market failure and government intervention in markets.

 

Macroeconomics:
  • The measurement of macroeconomic performance
  • How the macroeconomy works
  • Economic performance
  • Financial markets and monetary policy
  • Fiscal policy and supply-side policies
  • The international economy