Examining Board: EDEXCEL Subject Leader: Mr Dickenson
What is Economics?
Economics is a challenging but fascinating subject. It is a social science; it tries to provide scientific explanations for how economies work and how different approaches can be used to concepts such as how markets work, economic growth, or tackling problems such as recession, scarcity of resources, market failure or poverty and inequality You will learn how to think like an economist – to analyse real world problems and choices, to test potential solutions and ideas and to constructively criticise the actions of firms, consumers, governments and even economists themselves.
Of course the key aim of the course is for you to develop an interest and enthusiasm for the subject. You will learn to appreciate how an understanding of economics can contribute to your life, whether as a potential route for further study, or in opening up opportunities for employment or to enable you to understand and cope with the challenges of adult life and to approach any of these with a degree of confidence.
The course is organised by themes.
Theme 1: Competitive Markets
An introduction to the nature of economics and how markets work. It involves the study of the theory demand and supply and application to a range of markets – for goods and services, commodities, labour and housing. And where markets fail, how governments can deal with the effects of economic activity, such as pollution.
Theme 2: Managing the Economy
An introduction to macroeconomics, or how the whole economy works. In involves study of key measures of economic performance and the main objectives and instruments of economic policy.
Theme 3: Business Behaviour and the Labour Market.
This develops the content of Theme 1 to explore what competitive markets look like, how firms can successfully compete, how labour markets work and how and where government intervention can promote competition or efficiency.
Theme 4: A Global Perspective
This unit develops the knowledge and skills gained in Theme 2 so that they can be applied in a global context to issues such as globalisation, financial economics, developing economies or poverty.
Entry Criteria: GCSE grade 6 in Economics or Mathematics
Plus: GCSE grade 5 in English (Language or Literature) and GCSE grade 5 in Mathematics
Should I study Economics?
Economics is highly regarded as an A Level because it requires a range of highly developed skills such as theoretical analysis, numerical application and evaluation to be applied to the real world. A certain amount of mathematical ability is required, but this is never beyond that required of a B grade GCSE student.
Economics can lead to a wide variety of higher education options and careers. Graduates in economics are commonly found working in the manufacturing, transport, communications, banking, insurance, investment and retailing industries, as well as in government agencies, consulting and charitable organisations. In all these settings, employers value economics graduates' understanding of decision-making, their research and analytical skills, and their experience of viewing problems in their national and international context.
Visit http://whystudyeconomics.ac.uk/ to explore how studying economics may be the right choice for you.