Economics

Introduction

Economics is a fascinating subject which empowers students to understand how our economy works.  The 2008 global financial crisis has left the UK economy bruised and recovery has been slow.  If you study A Level Economics you will learn why it happened and why it will probably happen again.

The changing economic environment influences every single one of us and yet there are many people who have no idea what is going on in the world around them. Economics will expose you to a breadth of very practical information on a wide variety of topics from mortgages and personal finance to politics and emerging markets.

The Lessons are varied and exciting as we believe that using real economic data and news articles aids the application of the theory. We encourage students to be proactive and work independently to problem solve wherever possible. Students are encouraged to peer teach and carry out research projects. Economics is offered at A Level.

A Level Curriculum

The modular element has been removed from all A Levels and they became linear from September 2015. All of the assessment will take place at the end of the course. The AS Level Economics specification code is 8ECO and the A Level specification code is 9ECO. We continue to offer the Edexcel specification. Each unit is now referred to as a ‘theme’, the themes are as follows:

Theme 1: Introduction to markets and market failure Theme 2: The UK economy – performance and policies
This theme focuses on microeconomic concepts. Students will develop an

understanding of:

● nature of economics

● how markets work

● market failure

● government intervention.

 

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 Theme 4: A global perspective
This theme 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.

 

This theme 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 economies

● the financial sector

● role of the state in the macroeconomy.

 

The assessment format from first teaching September 2015 is as follows:

AS – Year 12 Examinations

Paper 1: 8EC0/01 Paper 2: 8EC0/02
Introduction to markets and market failure The UK economy – performance and policies
50% of AS 50% of AS
1 hour 30minutes examination 1 hour 30 minutes examination
80 marks 80 marks
Paper 1 will assess microeconomics and questions will be drawn from Theme 1.

Two sections.

● Section A comprises a range of multiple-choice and short-answer questions.

● Section B comprises one data response question broken down into a number of

parts, including a choice of extended open-response questions; students select one from a choice of two.

Paper 2 will assess macroeconomics and questions will be drawn from Theme 2.

Two sections.

● Section A comprises a range of multiple-choice and short-answer questions.

● Section B comprises one data response question broken down into a number of

parts, including a choice of extended open-response questions; students select one from a choice of two.

Available June only Available June only

A2 – Year 13 Examinations

Paper 1: 9EC0/01 Paper 2: 9ECO/02 Paper 3: 9ECO/03
Markets and business behaviour The national and global economy Microeconomics and macroeconomics
35% of A Level 35% of A Level 30% of A Level
2 hour examination 2 hour examination 2 hour examination
100 marks 100 marks 100 marks
Paper 1 will assess microeconomics and questions will be drawn from

Themes 1 and 3.

Three sections.

● Section A comprises a range of multiple-choice and short-answer questions.

● Section B comprises one data response question broken down into a number of parts.

● Section C comprises a choice of extended open-response questions; students select one from a choice of two.

Paper 2 will assess macroeconomics and questions will be drawn from Themes 2 and 4.

Three sections.

● Section A comprises a range of multiple-choice and short-answer questions.

● Section B comprises one data response question broken down into a number of parts.

● Section C comprises a choice of extended open-response questions; students select one from a choice of two.

Paper 3 will assess content across all four themes.

Two sections.

● Each section comprises one data response question broken down into a number of parts, including a choice of extended open-response questions; students select one from a choice of two.

 

Available June only Available June only Available June only

Digital Learning

Macro-Economic variables are constantly changing. One of the best things about teaching Economics is that the subject changes on a daily basis. We use iPads to help us to keep up to date with the changing external environment. Students are expected to read news articles regularly and we frequently have ‘latte lessons’ where everyone will bring along an article that interested them and we discuss and debate the details……the coffee is optional!

It is imperative that students learn how to learn. In my experience this involves reading and carrying out research. When students do research they learn the skill of synthesis which is imperative to study at a higher level. In Economics we use the iPads to encourage students to seek out information and also to deliver teaching materials and peer teaching sessions.

There are many useful websites available and all students are issued with a list of sites and apps that they will find useful day to day and also for revision purposes. A few examples:

www.tutor2u.net

www.study.com

http://qualifications.pearson.com/en/qualifications/edexcel-a-levels/economics-2008.html

www.economist.com

www.bankofengland.co.uk

www.tradingeconomics.com

Enrichment

Target 2.0

Target 2.0 is a national competition run by the Bank of England. The challenge is to decide on the Monetary Policy Strategy that the Bank of England should use to keep inflation at the government target of 2.0% +/- 1%. This is a very demanding competition and requires an in depth knowledge of government policy and its consequences. Students also require the confidence to present their recommendations in front of their peers and the judges. Students must be knowledgeable enough to answer questions on the spot and to respond to those challenges with counter measures.

Economics clinic

If you have any problems or questions then just pop along to Economics clinic and one of our staff will be happy to help. You might want to work through an exam question or go over some homework – we can tailor the session to meet your needs.

Why take Economics?

Economics is a traditional and well respected course. Universities like applicants who have studied Economics because it demonstrates that candidates are numerate and are capable of writing extended responses. An A Level in Economics gives you much more than just a grade to get into university – it makes you aware of what is going on in the world! If you are interested in pursuing a career in Politics, Accountancy, Law or Mathematics then an A Level in Economics will be invaluable. If you’re not sure what you want to do after A Levels, then Economics is also an excellent choice – it will give you breadth and help to keep your options open.