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economics

Economics

What is Economics? Will I be a good economist? If economists know what they are talking about then why are there so many problems out there? Questions, questions, questions!

Economics is a broad subject made up of what is referred to as ‘Microeconomics’ and ‘Macroeconomics’.  Microeconomics is the branch of economics concerned with the study of the behaviour of consumers and firms.  Microeconomic analysis investigates how scarce economic resources are allocated between alternative ends.  Macroeconomics on the other hand looks at how the economy as a whole ‘works’. It seeks to identify the main influences upon the levels of national income and output, employment and prices.  Students of Economics find that it opens up a whole new world for them. They are able to understand the environment in which they live in a new light and can start to grasp the essential elements of the major issues of our time:

• Why was the last recession deeper than previous recessions, and why did it end?

• Why is the UK reconsidering its membership of the EU?

• How should we trade with less developed countries in order to encourage their development?

• Why do we need to pay for our own university degrees?

• Why is Britain no longer the ‘workshop of the world?’

Our students go on to study a wide range of degrees in Economics/Business and many other areas. Some go directly into Internships but the vast majority continue their formal education.

Preferred previous studies

A good standard of English Language and Maths is required (grade B is required in both subjects) plus at least a grade B in one Science course and another essay based subject. Some study of Business or Economics is helpful, but not essential. A genuine interest in current affairs will be useful.

AS Level

Microeconomics

• The reasons for individuals, organisations and societies having to make choices.

• Competitive markets and how they work.

• Market failure and government intervention.

Assessment external examination 1.5 hours (multiple choice, data response, one essay from a choice of two)

Macroeconomics

• Aggregate Demand and Aggregate Supply and their interaction.

• Government economic policy objectives and indicators of national economic performance.

Assessment external examination 1.5 hours (multiple choice, data response, one essay from a choice of two)

A Level

The AS course plus:

Microeconomics

• Labour markets

• Competition and power

Assessment external examination2 hours (data response, 2 essays from a choice of four)

Macroeconomics

• The global context

• The financial sector

Assessment external examination 2 hours (data response, 2 essays from a choice of four)

Themes in Economics

Draws on the components of the microeconomics and macroeconomics courses, in a real world context

(unseen)

Assessment external examination 2 hours (multiple choice, extended data response)

Microeconomics and Macroeconomic courses, in a real world context (unseen)

Assessment External examination 2 hours (multiple choice, data response)