A modern definition is that Economics is about how people respond to incentives in the environment in which they find themselves. Traditionally Economics is about scarcity and choice. The planet has scarce resources and economists are concerned about using these resources in the most efficient way. If we make the best use of the planet’s resources, it is in all our interests. Economics develops theories that allow us to understand the complexities of the real world and help us to use the world’s resources more efficiently.
Areas studied include markets and market failure, government economic policy, environmental economics, the housing market, the Euro, business economics, international economics, fiscal policy and monetary policy. Economics will help develop analytical and evaluative skills that will help students to improve their personal financial position throughout their lives. These skills are transferable and can be applied to non-financial subjects and careers. It will imbue students with a new way of thinking about life. Economic theories that are learnt can provide valuable lessons that can be applied to individual circumstance as well as a high flying financial career.
Employers love Economics and recognise it as an academic subject that will stretch the intellect of students at the same time as being highly relevant to the real world. It is especially useful to those students who may go on to become accountants and will need to study an economics paper to pass their professional examinations. However, it does not rule out a large number of other potential careers. Some of these may be in the finance sector, but many are simply open to students with a good degree.
Compared to students with two or more A Levels, a student with an Economics degree can expect the qualification to significantly boost their potential earnings - by about 40% for women and 27% overall. (Source: Conlon et al (2002) from “Rates of Return to Qualifications: A Summary of Recent Evidence.”)
Paper 1: Markets and Business Behaviour
Paper 2:The National and Global Economy
Paper 3:Microeconomics and Macroeconomics
All examination papers contain a range of multiple choice, short answer, data response and essay style questions.
There is no coursework in A Level Economics.
7/above in GCSE Mathematics.and 6/above in English Language or Literature.