Economics

Why study Economics?

Are you curious about how the world works? Economics has the answer. It is the study of how we can satisfy our infinite wants, with the scarce resources available on earth.

Why are there such contrasts between wealth and poverty in our world? How can we keep consuming goods and services while minimising the impact on the environment? What does the government do to improve living standards, reduce prices and reduce unemployment? How have globalisation and trade contributed to the Brexit vote and Trump’s election win?

Economics is about choice and the impact of our choices on each other. It relates to every aspect of our lives, from the decisions we make as individuals and families to the structures created by governments and firms. The economic way of thinking can help us make better choices.

Entry Requirements

You do not need to have studied Economics or Business GCSE before, but if you have studied at GCSE, you need at least a grade 6. You will need to write a structured essay and to do some mathematics, so you will need at least a grade 6 in GCSE Maths. You will be expected to keep up to date by reading a newspaper or following news in the media.

Special features of the course

Economics is a subject which will be new to most students who take it. You will be introduced to new ways of looking at the world and new techniques of analysing what you see; a new form of language. The task of an economist is then to use this language and perspective to interpret the world around them and contemplate big questions.

Costs

All the following are optional:

Revision guides £10-£15

Economics review magazine £15

European city trip approx. £430

Where can I find out more?

See Mr Morris or Miss Dyson (or email pmorris@ahs.bucks.sch.uk)

Have a look at this website.

Subject Presentation

How is the course organised?

Individuals, firms, markets and market failure

1. Economic methodology

2. Individual economic decisions

3. Prices in a competitive market

4. Production, costs and revenue

5. Competition and monopoly

6. The labour market

7. The distribution of income

8. The market mechanism

The national and international economy

9. Macroeconomic performance

10. How the macroeconomy works

11. Economic performance

12. Financial markets and monetary policy

13. Fiscal policy and supply-side policies

14. The international economy

Assessment

There are 3 papers each worth 33¹/₃%

Paper 1: Markets and market failure 2 hours Data response and essay questions

Paper 2: National and international economy 2 hours Data response and essay questions

Paper 3: Economic principles and issues 2 hours Multiple choice and case study questions