Economics gives students an opportunity to look at and analyse the economic output of entire countries, their position in the international marketplace and how they allocate their limited resources to build growth. It also focuses in the individual and individual industries looking at the buyer and seller, how people and companies respond to price changes and the impact on demand.
What is Economics?
GCSE Economics looks at economic activity through the lens of consumers, producers, governments and the workings of the global economy. As students go through the course they’re presented with opportunities to focus on real-world issues. Students will reflect upon moral, ethical and sustainable issues that arise as a result of the impact of economic activity. Students also use their economic knowledge and skills to investigate national and global economic situations and issues from the last 15 years. Students should also be aware of the policies that governments have used to attempt to manage these situations and issues. Students will develop quantitative skills relevant to the subject content.
What will I study?
The course looks at two major issues: How markets work and how the economy works. Students build a base knowledge of Economics looking at the nature of economic activity, the factors of production and how economic choices are made. They look at how resources are allocated and the variety of sectors of an economy and their specific functions. They also look at how prices are determined and issues of supply and demand. They also examine how profits are determined by cost, revenue and demand. Looking at markets and market failure also expose students to other major issues in Economics. On a national scale, students examine the national economy, government objectives and how these develop and change, the government’s management of the economy and international trade including the global financial markets.
What will I gain from studying Economics?
You will gain a good insight into the workings of the economy from the perspective of individual sectors of the economy and the government. You will also learn about global issues and the significance and influence of the global market. Finally you will also gain a good grounding in the nature of Economics as a discipline and the theories and models that determine economic policy.
How is it assessed?
|1||How markets work||50%||External exam: 1 hour and 45 mins|
|2||How the economy works||50%||External exam: 1 hour and 45 mins|
Exam Board: AQA
What do I need?
You need a sound ability in Mathematics as Economics relies upon the analyse and reporting of numerical data. Hence you need to be able to develop the quantitative skills relevant to the subject content. This means you must be able to make relevant calculations from economic data and be able to interpret data presented in the form of graphs and charts.
Is it necessary to take GCSE Economics to study the subject at A Level?
No. You can pick up Economics at A Level without having studied it at GCSE.