A study of Economics enables you to gain a better understanding of the world in which we live on both a local, national and global scale. It is a highly topical subject and analyses issues that grab the news headlines.
AQA 7136
- What has been the impact of BREXIT?
- Should we worry about oil prices?
- How will economic slow down in China affect the rest of the world?
- What impact will immigration have on the UK economy?
- What caused the value of the Russian Rouble to fall?
At the centre of the subject is the question of how we divide up our scarce resources and how those decisions affect us all – who gets what and why?
Not only will A Level Economics increase your knowledge and understanding of a wide range of current issues but it will also equip you with the tools to analyse data, think critically about issues and make informed decisions. It will help you to build upon your quantitative skills and appreciate that, when evaluating arguments both qualitative and quantitative evidence are important.
This course will appeal if you wish to:
- Pursue a career as an economist or in a business/management related profession
- Enjoy studying a subject that affects your everyday life
- Want to keep your options open, as the subject can be combined with the sciences, social sciences and humanities
If you intend to study at degree level, a number of courses require A Level Mathematics. However, a large number of universities offer a less mathematical approach to the subject with no mathematical requirement and often economics is combined with other social sciences such as politics and languages.
Course content
Unit 1 – Individuals, Firms, Markets and Market Failure
- This unit provides an introduction to the nature of Economics and examines how the price mechanism allocates resources in markets. It analyses the nature of market failure, its causes and possible policy remedies. We learn to apply supply and demand analysis to real-world situations and understand why markets might not allocate resources efficiently. We will analyse the pricing and production decisions of firms in different competitive contexts, and evaluate the role of Government intervention aimed at the promotion of competitive markets.
Unit 2 – The National and International Economy
- This unit introduces the key measures of economic performance and the main objectives and instruments of economic policy. We will study the effectiveness of Government demand-side and supply-side policies to achieve economic objectives. These concepts are studied in relation to the UK and the global economy. In addition a wide range of issues relating to the international economy and trade are studied including: exchange rates; protectionism; the factors contributing to globalisation; sources of possible conflict between trading blocs and the role of the WTO; European Monetary Union; inward foreign investment by multi-national corporations and external shocks to the global economy.
Assessment
Paper 1: Markets and Market Failure (33.3%)
Time: 2 hours
Question Type: One data response question and one essay.
Paper 2: National and International Economy (33.3%)
Time: 2 hours
Question Type: One data response question and one essay.
Paper 3: Economic Principles and Issues (33.3%)
Time: 2 hours
Question Type: Multiple choice questions and a data response question responding to stimulus material.