A Level Economics 

Examination Board:  AQA

Economics is an increasingly popular subject at A level, no doubt due to the current economic climate and the subject’s high standing with Russell Group Universities.  Students will be introduced to microeconomics and macroeconomics, developing an understanding of how firms compete within the global economy and how governments seek to manage their economies.  

Course modules                                                                                                                                                                                            

Component 1: Markets and market failure

Scarcity and choice, How competitive markets work, Competition and market power, Labour market, Market failure and government intervention.

Component 2: National and international economy

Economic policy objectives and indicators of macroeconomic performance, Aggregate demand and aggregate supply, The application of policy instruments (monetary, fiscal & supply-side policies), The global context, The financial sector.  

Component 3: Economic principles and issues

This component will be fully synoptic in nature, drawing on all material studied for components 1 and 2 over the 2 years.  Students will be required to apply their understanding of microeconomics and macroeconomics to a range of data and articles.  

How this course is assessed  

 How does Economics differ from Business Studies?

Economics looks at how individuals, firms and nations make economic decisions – students will be studying areas such as demand and supply, elasticity of demand and supply, externalities, economic growth, interest rates, inflation and unemployment.  Students will learn to apply the ‘economist’s toolkit’ (a range of theoretical models) to recent and current economic problems.  Business Studies is a more practical subject which examines how a business operates.   

Essential Information

• The department is looking for highly committed students, willing to undertake independent research and take responsibility for their own learning.
• The course requires you to be reasonably confident in terms of mathematical and analytical skills. 

Should you require additional information, please contact Mrs Irvin at school.

How can parents help?

The study of Economics requires knowledge or recent economic events in the UK and elsewhere, and students will be expected to show familiarity with ‘recent historical data’ – broadly defined as the last 7 to 10 years.  Parents can help by discussing economic developments so that students have plenty of practice in applying the economic theory to explain items and data that appear in the newspapers and on the television. We encourage students to subscribe to The Economist which offers a heavily discounted subscription rate to us through school.  

Career Opportunities

Government and Public Administration, Banking, Accountancy, Business Management, etc.  Economics is a rigorous discipline and can therefore also be used to gain entry to such degree courses as Law.  It is accepted by Oxford and Cambridge universities as an entry requirement to degree courses.