What’s A level Economics about?
Economics examines how societies decide what to produce, how to produce it, and for whom. Students will explore these questions from a global perspective, fostering an enquiring, critical, and thoughtful approach. The goal is to help students understand economic concepts and theories by critically considering current economic issues and problems that impact daily life.
What does A level Economics cover?
Economics is split into two distinct parts, micro and macro. Microeconomics delves into the behaviour of individual consumers, firms, and industries. It examines how these entities make decisions about resource allocation, production, and consumption. For instance, microeconomics analyses how the price of a product affects consumer demand, how firms determine the quantity of goods to produce, and how different market structures, such as perfect competition or monopoly, influence pricing and output. The primary goal of microeconomics is to understand the mechanisms that drive individual markets and the efficiency of resource allocation within these markets.
On the other hand, Macroeconomics takes a broader perspective, looking at the economy as a whole. It studies aggregate economic indicators such as Gross Domestic Product (GDP), inflation rates, unemployment levels, and national income. Macroeconomics seeks to understand the overall functioning of an economy and the factors that drive economic growth, stability, and development. It addresses large-scale economic issues, such as the impact of fiscal and monetary policies, the causes and effects of economic recessions, and the trade-offs governments face when implementing policies to manage economic crises, like the financial crisis of 2008. The objective of macroeconomics is to develop strategies that promote sustainable economic growth and stability on a national and global scale.
What background do I need and where can it lead?
A level Economics demands logical thinking and a solid grasp of maths at a good GCSE level. It also requires social awareness and cultivates the ability to debate effectively, both in class and in written work. In Macroeconomics, there often isn’t a definitive right or wrong answer, so it’s crucial to present arguments clearly, backed by relevant examples. Economics is central to political debate, staying informed by following news online and in print about economic, political, business, and social issues is essential.
Economics is a versatile subject that can provide entry to several careers. Not only could you find yourself working for multinational corporations, banks or the Government but your qualification is invaluable in a career such as Marketing, Law or Journalism.
Which subjects combine well with Economics?
Economics sits well with other social sciences A Levels such as Business but also complements Maths and other academic pathways.
Course content and assessment
The following is based on Edexcel’s A Level Economics A specification:
- Theme 1: Introduction to markets and market failure, incl. How they work and why they fail; demand, supply and market failure; government failure.
- Theme 2: The UK Economy – performance and policies, incl. Government macroeconomic objectives; government macroeconomic policies and conflict; unemployment and inflation, etc.
- Theme 3: Business behaviour and the labour market, incl. Theory of the firm, efficiency and degrees of competition; Government intervention.
- Theme 4: A global perspective, incl. Globalisation; international trade; growth and development policies; Financial Markets and regulation, etc.
Formal, external assessment takes place at the end of the A2 year and consists of three written papers: Paper 1 (2 hours) relates to themes one and three; Paper 2 (2 hours) relates to themes two and four; Paper 3 (2 hours) relates to all four themes.
Formal, external assessment takes place at the end of Year 13 and consists of three written papers: Paper 1 (2 hours) relates to themes one and three; Paper 2 (2 hours) relates to themes two and four; Paper 3 (2 hours) relates to all four themes.
All the main examination boards (AQA, Edexcel and OCR) use the three-paper approach for their A Level: there are slight differences in terms of style, but the structure is essentially the same. Cambridge offer an International A Level in Economics which is four papers with 2 sat in Year 12 and 2 in Year 13.
Why Study A Level Economics at a cife Sixth Form College?
Studying Level Economics at a cife college offers several advantages. Smaller class sizes allow for more personalised teaching, ensuring students receive individual support when tackling complex topics. Cife colleges employ experienced subject specialists who provide focused guidance, particularly for university preparation.
Flexible course structures, including one-year intensive courses, allow students to tailor their studies to their goals. Additionally, cife colleges often offer targeted support for university admissions, including preparation for competitive applications to Oxbridge and Russell Group universities.
A private sixth-form college provides an excellent learning environment for students seeking to maximise their potential, equipping them with the skills and knowledge needed for academic and professional success.
Article written by Adam Cartland, Curriculum Director Business and Economics, at The Worthgate School