Economics

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Economics is the study of how individuals, businesses and countries make decisions given the  economic problem of scare resources. Engagement in the subject will allow pupils to develop a greater understanding of the economic, social and political issues around the world.

The curriculum supports pupils to improve their analytical (qualitative and quantitative) and problem-solving skills, think critically as well as develop their awareness of society and economic problems around the world. 

Pupils study economic theories and models that underpin economic thinking. They are expected to apply these to different contexts and understand the relationships between various markets and micro-economic and macro-economic issues.

 

Students follow the AQA A-Level specification where the following topics are covered:

1)Individuals, firms, markets and market failure

  • The economic problem and economic methodology 
  • Individual economic decision making 
  • Price determination in a competitive market 
  • Production, costs and revenue 
  • Perfect competition, imperfectly competitive markets and monopoly 
  • The labour market 
  • The distribution of income and wealth: poverty and inequality 
  • The market mechanism, market failure and government intervention in markets 

 

2)The national and international economy 

  • The measurement of macroeconomic performance 
  • How the macroeconomy works: the circular flow of income, AD/AS analysis, and related concepts 
  • Economic performance 
  • Financial markets and monetary policy 
  • Fiscal policy and supply-side policies 
  • The international economy 

The A Level is assessed through three equally-weighted written exams that are taken at the end of Year 13:

  1. Markets and market failure
  2. National and International Economy
  3. Economic principles and issues

For further information, please visit:

https://www.aqa.org.uk/subjects/economics/a-level/economics-7136/specification