Why Choose Economics?
Economics asks the question “how can we make the best use of our scarce resources?” It has a theoretical component, but the subject is driven by a need to explain the real world. It is a social science, halfway between the arts and the sciences.
A Level economics is highly respected by all universities for a wide range of courses, including Manchester and Liverpool (Economics, Economics with Finance). Employment opportunities where your economics skills will be particularly valued include business management and consultancy, journalism, media, the law, marketing, the civil service, and politics.
You will enjoy this course if you want to study a subject that:
• Focuses on real world issues and problems;
• Places emphasis on independent research and the logical and systematic analysis and evaluation of information;
• Is an education for life!
Examinations are a mixture of multiple choice, short-answer and data response questions and essays.
Paper 1: Markets and business behaviour (35% of A Level), 2 hours, 100 marks Tests Themes 1 and 3.
Paper 2: The national and global economy (35% of A Level), 2 hours, 100 marks Tests Themes 2 and 4.
Paper 3: Microeconomics and macroeconomics (30% of A Level), 2 hours, 100 marks Tests all four Themes.
Theme 1: Introduction to markets and market failure
This theme focuses on microeconomic concepts. Students will develop an understanding of:
• The nature of economics
• How markets work
• Market failure
• Government intervention
Theme 2: The UK economy – performance and policies
This theme focuses on macroeconomic concepts. Students will develop an understanding of:
• Measures of economic performance
• Aggregate demand and supply
• National income and economic growth
• Macroeconomic objectives and policy
Theme 3: Business behaviour and the labour market
This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics:
• Business objectives and growth
• Revenues, costs and profits
• Market structures
• Labour market