A Level Economics gives students an opportunity to look at and analyse the economic output of entire countries, asking questions such as: What is their position in the international marketplace? How they allocate their limited resources to build growth? It also focuses on the individual and industries, looking at the buyer and seller, what impacts demand, and how people and companies respond to price changes. Students also gain an idea of how economists reach decisions, how observations are converted into theories and models, how these are tested, and whether they have practical value.
What is Economics?
Economics introduces students to both microeconomic and macroeconomic issues. Students are expected to acquire competence in quantitative skills that are relevant to the subject content. They will develop a familiarity with the various types of statistical and other data commonly used by economists. Students will also be expected to be able to construct and use graphs and apply statistical measures such as the mean, median and relevant quantiles, as well as being able to interpret data presented in the form of index numbers.
Students also explore the disagreements between economists and current economic controversies. Students will also develop a critical approach to both economic models and methods of enquiry, and will appreciate that value judgements play an important role in economic decision-making. They will also acquire a good knowledge of the trends and developments in the economy which have taken place over the past fifteen years.
How is it studied?
Economics is taught in small groups and students are taught both the theories of economics and their respective criticisms. Students gain an insight into methodology and issues such as price determination, production, markets and market failure, as well as the reasoning behind government intervention. Other topics include the macroeconomy, policy, and performance.
Students are prepared for their final exams which include multiple-choice questions, structured questions and responses to stimulus materials.
How is A Level Economics assessed?
|1||Markets and Market Failure||33.3%||External exam: 2 hours|
|2||National and International Economy||33.3%||External exam: 2 hours|
|3||Economic Principles and Issues||33.3%||External exam: 2 hours|
Exam Board: AQA
What do I need?
Economics involves the analysis of quantitative data and evidence, so higher level Mathematics is essential. Students should also have an interest in the workings of individual industries and the policy decisions of governments, as the A Level looks at both of these. Students will be expected to keep up-to-date with economic changes and trends, so an interest in watching or reading current affairs is helpful.
What should I study with Economics?
Mathematics at A Level is extremely useful, and students without this will struggle with A Level Economics. Economics goes well with a broad range of subjects: some students combine it with sciences, while others add a humanities subject. Politics and History are both good combinations.
What can I do with A Level Economics?
Many students go on to study economics at university (for which Maths is essential); others pursue business-related degrees. Economics can also be a supporting subject for applications in the humanities, social sciences and scientific courses.
Questions about the course
Do I need Maths to study Economics?
It is extremely helpful at A Level and required at university level. So, yes!
Is it possible to combine Economics with Business and Accounting?
Yes. However, some Russell Group universities ask for a broader variety of subjects, as they see these three taken together as too narrow a range of study.