Economics is the study of how the world operates. How do Governments ensure that people living in their country have a good standard of life? What are the consequences of multinational companies making certain decisions? How do our own financial decisions affect others?

According to Dr George Bratsiotis of the University of Manchester, Economics has “one of the highest employability records of all subjects (at degree level) and one of the highest incomes”. It can lead onto very exciting careers in politics, business, banking and many more. Oxford University’s most popular course is PPE (Philosophy, Politics and Economics). Many famous faces have studied Economics including David Cameron, Kofi Annan, Arsene Wenger, Donald Trump, 3 past U.S. Presidents (Bush Sr, Reagan, Ford) and countless more.

Economics is far more than the study of Government policy, competition and the law of demand – it teaches students how to make better decisions. They will learn how to make balanced arguments concerning some of the most important and relevant decisions in the world today. The subject 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 to the structures created by Governments and businesses. Economics as a subject encourages critical thinking, as students have to be able to see decisions from both sides and make reasoned judgement, which is a vital life skill.

Topics covered

Assessments

The OCR GCSE Economics assessment is as follows:

• Two exams: ‘Introduction to Economics’ and ‘National and International Economics’.

• No controlled assessment.

• Both exams are 90 minutes and worth 50%.

• Both exams are marked out of 80. Some questions will be multiple choice, some will be extended writing to test your ability to explain why you made a particular decision.

• At least 10% of these marks are awarded for quantitative skills, with the rest being based on a pupil’s ability to demonstrate knowledge of economic concepts, apply theory to a variety of contexts and analyse / evaluate decisions to make judgements.

FAQs

What kinds of things will I study?

• There is a wide variety of topics that we cover in Economics. Here are some of the issues that we will look at in the course:

  • Why did the government introduce a sugar tax? How does it work? Was that the right policy to use to reduce obesity? What are the alternatives?

  • Why does the government collect taxes to provide health care? Should individuals pay for their own healthcare?

  • Why are footballers paid so much?

  • Should there be a maximum wage?

  • What is the HS2 project? Is the government right to go ahead with this?

  • What can be done to reduce climate change?

• Economics is a very dynamic subject that is constantly updating and reacting to economic issues. The current COVID-19 pandemic is a good example of this and there will be lots of interesting debates next year as to how the UK and other countries have coped with the fall in trade, loss of earnings and difficult employment situations.

What will the Economics course be like in year 9?

• We start the course in year 9 and assume no previous knowledge of Economics at all. Year 9 is when we provide a ‘bridge’ to help students to understand key concepts in Economics. We do this by looking at real world situations and then use economic concepts to improve our understanding of them.

Is Economics about money and finance?

• No not really. There are some aspects of money and finance that we cover,for example, we cover mortgages in year 9 but it is not the main focus of the course. It is about the decisions that are made by individuals, governments and businesses, that affect how well off we are as a society.

What kinds of skills do I need to have to be good at Economics?

• You will need to be a competent mathematician. We often have to calculate percentage changes, interpret graphs and data. The maths is not difficult, you just need to be happy and confident to work with numbers and data.

• You will also need to write some extended answers – usually up to 3 or 4 paragraphs.

How much Maths is there in Economics?

• 10% of the GCSE is based around mathematical skills

Do I need to have done GCSE to study Economics at A level?

• No you can go straight into A level without the GCSE. Having said that the GCSE is very good preparation for the A level and will undoubtedly make it an easier transition into the A level.