You will be able to debate issues ranging from The Single Currency to Road Pricing as well as a wide range of other issues. You will also understand why homeowners cringe when interest rates go up but be able to comfort them with valid reasons for the increase! In short you will develop an understanding of economic concepts and theories through a critical consideration of current economic issue, problems and institutions that affect everyday life. You will be able to apply economic concepts and theories to a wide range of contexts and to appreciate their value and limitations in explaining real-world phenomena. This course will also develop skills to enable you to participate effectively in society as a citizen, producer and consumer.
The new Economics A-Level from AQA covers fourteen main topics, which are split into two main categories.
Individuals, firms, markets and market failure
1 Economic methodology and the economic problem
2 Individual economic decision making
3 Price determination in a competitive market 4 Production, costs and revenue
5 Perfect competition, imperfectly competitive markets and monopoly
6 The labour market
7 The distribution of income and wealth: poverty and inequality
8 The market mechanism, market failure and government intervention in markets The national and international economy
9 The measurement of macroeconomic performance
10 How the macroeconomy works : the circular flow of income, AD/AS analysis, and related concepts
11 Economic performance
12 Financial markets and monetary policy
13 Fiscal policy and supply-side policies
14 The international economy
The course is assessed via three papers, with a range of question types. Each paper is two hours.
Paper 1: Markets and Market Failure, which examines topics 1-8 above
Paper 2: National and International Economy, which examines topics 9-14 above
Paper 3: Economic Principles and Issues (all topics 1-14).
You will learn a variety of transferable skills such as collecting and analysing economic information, developing your communication skills and developing your problem-solving and evaluation skills. The course combines well with a range of subjects such as Mathematics, Geography, Politics, History and Modern Foreign Languages.
Economics is extremely topical and can lead to career opportunities as professional economists, in finance, in law and politics.
There is no prerequisite to have studied Economics at GCSE. You must, however, have good literacy and mathematical skills as well as a keen interest in understanding the workings of a modern society in a modern, global environment. It is worth noting that many Economics courses at university are requiring students to take Mathematics to at least AS Level.