Economics

The Economics A-Level course is divided into two key areas: microeconomics and macroeconomics, with both themes explored in depth across the two years of study.

Microeconomics:

• First Year: Focus on the basic economic problem, market efficiency, and market failure, including environmental issues.

• Second Year: Delve into business economics, labour markets, income distribution, and poverty.

Macroeconomics

• First Year: Examine overall economic functions, including measures like growth, unemployment, and inflation, and government responses to economic fluctuations.

• Second Year: Assess the impacts of economic growth, standards of living, international trade, globalisation, and development economics. 

The course breakdown is as follows:

First Year Term 1:

Section 3.1: The operation of markets and market failure:

Economic methodology and the economic problem

Price determination in a competitive market, and the market mechanism

Production, costs and revenue

Competitive and concentrated markets: including competitive markets and monopoly

Market failure and government intervention in markets

Behavioural economics, individual economic decision making (Section 4.1)

First Year Term 2:

Section 3.2: The national economy in a global context:

The measurement of macroeconomic performance

How the macroeconomy works: the circular flow of income, aggregate demand/aggregate supply analysis

Economic performance: economic growth, unemployment, inflation and the balance of payments

Macroeconomic policy: fiscal policy, monetary policy and supply-side policy

Financial markets

First year Term 3:

Section 4.2: The national and international economy

The costs and benefits of economic growth

Use and limitations of national income data in measuring the standard of living

Globalisation

Economic development

Second Year Term 1:

Section 4.2: The national and international economy:

Economic performance in more detail: including the natural rate of unemployment, the monetarist model and the short-run and long-run Phillips curves

Fiscal policy, monetary policy and supply-side policy in more detail: including cyclical versus structural budget deficits, the role and merits of various taxes, free-market versus interventionist supply-side policies

The international economy: including trade, balance of payments and exchange rate systems

Second Year Term 2:

Section 4.1: Individuals, firms, markets and market failure:

The objectives of firms

Production costs and revenue in more detail: including the law of diminishing returns, profit and technological change

Perfect competition, imperfectly competitive markets and monopoly

The labour market

Second Year Term 3:

The distribution of income and wealth: poverty and inequality

The market mechanism, market failure and government intervention in more detail: including pollution permits and public ownership

After completing A-Level Economics, many students continue their studies at university, often progressing to roles as economists in sectors such as banking, consultancy, and governmental organisations. Economics graduates are in demand for their analytical skills and understanding of economic frameworks.

The skills acquired through the A-Level Economics course also prepare students well for the workplace, with many opting for apprenticeships in fields like accountancy or project management at prominent companies including BAE Systems and Rolls Royce.

The AQA (Assessment and Qualifications Alliance) is the designated exam board for the A-Level Economics course. They are responsible for setting the syllabus and conducting the assessments to ensure students meet the educational standards required in economics. 

In the first year all of the assessments are internal assessments, based on AQA past paper questions.

CAP 1 is held during the first term. It assesses your understanding of microeconomics, and consists of multiple choice questions (MCQs) and a series of short written questions based on numerical data and written extracts. These are called data-response questions (DRQs) and form a fundamental part of assessment in Economics.

CAP 2 is held during the second term. Similar to the above, but you also need to write an essay as part of the DRQ.

CAP 3 is held during the third term. It assesses your understanding of macroeconomics, and is the same format as CAP 2: MCQs and DRQs

In the second year, there are two internal assessments used to help prepare you for the external exams at the end of the year.

CAP 4 is held during the first term. It assesses your understanding of macroeconomics, and consists of DRQs, and a short essay

CAP 5 is held during the second term. It assesses your understanding of both macro and microeconomics, and consists of DRQs, and a short essay and a long essay

The external assessment consists of THREE two-hour exams.

Paper 1: Markets and market failure (Microeconomics) 80 marks 2 hours. A written paper consisting of two essays and shorter written questions (DRQ and essays)

Paper 2: National and international economy (Macroeconomics) 80 marks 2 hours. As above

Paper 3: Economic principles and issues (Synoptic) 80 marks 2 hours. 30 MCQs and three written questions including one essay. (DRQ)

To enrol in the A-Level Economics programme, students must have achieved at least five GCSEs graded 5 or above, with a minimum of grade 6 in both Maths and English Language. This ensures that students have the necessary analytical and language skills required for the course.

For those who may not meet these specific grades, or who wish to combine different fields of study, we offer a Mixed Programme. This lets students pursue A-Levels in conjunction with BTEC qualifications, providing a flexible path that accommodates a range of interests and strengths.

Students have opportunities to engage in several extra-curricular activities relating to Economics. For example, students have enjoyed sessions from guest speakers from institutions such as the Bank of England and have participated in an online finance course delivered by Lancaster University. In previous years, the wider department has run trips to destinations such as New York, where students have visited Wall Street. Students are encouraged to enter national economics competitions such as The Young Economist of the Year and the IEA Budget Challenge. Several students choose to undertake an EPQ (Extended Project Qualification) relating to Economics to further explore their interests beyond the A-Level curriculum.

A-Level Economics complements a variety of different subjects due to the quantitative and qualitative aspects of the course. If you are considering pursuing Economics at university, it is recommended to take A-Level Mathematics as this is a requirement for many Economics degree courses. For the most selective universities, Further Mathematics A-Level may also be desirable. Economics can also work well alongside Science courses given the analytical nature of the course. Essay based humanities subjects such as History and Politics are also complementary as they support the critical thinking and essay writing skills developed in Economics.