economics

A level

Course Overview

The key issue in economics is investigating scarcity. Scarcity of resources including land, labour, machinery and capital.

We all face unlimited wants and limited means. Consequently, we need to make decisions that involve foregoing the next best alternative - our opportunity cost.

You will learn to use economic analysis to interpret current economic problems and issues. Moreover, you will appreciate the interrelationships between microeconomics (individual markets) and macroeconomics (national and international markets).

Target Audience

Economics, at its very heart, is the study of people. It seeks to explain what drives human behaviour, decisions and reactions when faced with difficulties or successes. Economics is a discipline which combines business management, politics, sociology, psychology and history.

Economics will help you to prepare for careers that require numerical, analytical and problem solving skills - for example in business planning, marketing, research and management. It will help you to think strategically and make decisions to optimise the outcome.

Year 12 Units

1.The Operation of markets & Market Failure

You will acquire knowledge and understanding of a selection of microeconomic models and to apply these to current problems and issues. Microeconomic models such as demand and supply, the operation of the price mechanism and causes of market failure are central to this part of the specification. Students will apply these models to explore current economic behaviour. This will include a wide variety of situations and to different markets and examples of market failure, including environmental market failures. They will appreciate that economic decisions relating to individual markets may be affected by developments in the macroeconomy.

2. The National economy in a global context

Students will develop 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. When applying and evaluating all the macroeconomic models in the specification, such as the circular flow of income and the multiplier process, students should be critically aware of the assumptions upon which these models are based and their limitations when investigating macroeconomic and global issues. Students should have a good knowledge of developments in the UK economy and government policies over the past fifteen years. They should also be aware that the performance of the United Kingdom economy is influenced by external events in the international economy

Year 13 Units

3. Individuals, firms, markets & market failure

Students will develop a fine understanding of a selection of microeconomic models and to apply these to current problems and issues. Models such as demand and supply, perfect competition, monopoly, the operation of the price mechanism and the 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. You will be taught how to apply economic models to explore current economic behaviour. This will include a wide variety of situations including market failure. You will be able to assess the impact that developments in the European Union, BREXIT negotiations and in the global economy.

4. the national & international economy

Students will develop a good knowledge of the UK economy and government policies over the past fifteen years. They should also be aware of developments in the world economy, including the European Union, and how these have affected the UK. Students will 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. Furthermore, students will learn how to prepare, propose, analyse and evaluate possible solutions to macroeconomic problems. They will be required to assess the impact and effectiveness of current government policies to deal with these problems, as well as considering alternative policies and approaches.

sample lesson

Example lesson - Economics

Student testimonials

Support sessions

'Any other business' is a weekly lunchtime session open to all business students to support 'deliberate practice' revision and essay writing. We believe purposeful revision sessions should concentrate on a specific element and repeatedly practice that element under guidance, rather than concentrate on improving the end result. If you master the individual elements, the end result will take care of itself. So rather than endlessly practice full past exam papers, we focus on specific types of questions and get students really good at doing these.

Higher Education Progression Routes

business management

Gives you great employability with many transferable skills such as understanding how an organisation operates, communication, decision making, numeracy and presentation. Learn through practical and relevant experiences. Business schools usually offer a number of dual honours degrees too.

FINANCE & ACCOUNTING

Could be ideal for you if you enjoy maths and want to apply it to business, whether that's management, business law or economics. You will enjoy excellent graduate schemes and prospects, with scope to work in any industry in an established company with a structured training programme and clear career progression.

ECONOMICS

Economics has an impact on all walks of life &, true to form, universities offer a large variety of modules to reflect this. You could be studying anything from public policy to environmental economics. Case-based learning makes it easy to see how theory has real-life applications, particularly with the recent volatility of global markets.

Future Careers

management consultant

You'll help organisations to solve issues, create value, maximise growth and improve business performance. They use their business skills to provide objective advice and expertise, and help an organisation to develop any specialist skills that it may be lacking. You'll be concerned primarily with the strategy, structure, management and operations of a company. Your role is to identify options for the organisation and suggest recommendations for change, as well as advising on additional resources to implement solutions.

economist

You'll carry out research and collect large amounts of information that can cover any aspect of economic and social policy, ranging from interest rates, taxation and employment levels to energy, health, transport and international development.

As an economist, you'll need to design methods and procedures for obtaining data, understanding various sampling techniques used to conduct different types of surveys, write technical and non-technical reports and policy briefs on economic trends and forecasts, and provide economic advice to a range of stakeholders.

risk analyst

You'll identify and analyse the areas of potential risk threatening the assets, earning capacity or success of organisations in the industrial, commercial or public sector. You'll be responsible for predicting change and future trends, as well as forecasting cost to the organisation.

You may work in sales, origination, trading, marketing, financial services or private banking. Financial institutions are required to manage market and credit risks daily. Risk analysts are therefore increasingly tasked with responsibilities touching credit, market, operational and regulatory areas.

Student Destinations

Many of our students choose to continue studying Economics and Accountancy courses at undergraduate level, with popular destinations including the University of Bath, University College London, Loughborough University, University of Warwick, University of Sheffield, University of Birmingham, University of the West of England, Bournemouth University and University of Exeter.

Some students instead decide to pursue business higher apprenticeships. Higher apprenticeships have been designed for students who have finished their A-levels, to provide them with a work-based academic qualification whilst working for an employer in the business sector. Business higher apprenticeships offer an opportunity to gain meaningful qualifications, develop practical work skills, and get work experience and a wage in the business sector.

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