Economics AS & A2 / Examining Board: EDEXCEL

Prerequisites:

Though Economics at AS and A2 do not involve significant use of mathematical techniques, it is helpful for students to be at ease with numerical data.  Interpretation and analysis of economic variables is a key component of the course. We therefore recommend that students have an A grade in their Mathematics GCSE and a B grade in English Language.  Also, as of 2010, students choosing AS Economics must have passed Economics IGCSE.

What will you learn on this A Level course?

The course will teach students :

• How to develop an understanding of economic concepts and theories through a critical consideration of current economic issues, problems and institutions that affect everyday life. Examples include the study of the problems of agriculture, pollution, the labour market, the EU and the Eurozone, globalization-related issues, poverty, economic policies, etc.
• How to apply economic concepts and theories in a range of contexts and to appreciate their value and limitations in explaining real-world phenomena.
• How to analyse, explain and evaluate the strengths and weaknesses of the market economy and the role of government within it. Should, for example, the government proceed to privatisation or should it have a greater control on economic affairs? Should health and education be provided solely on a private basis or should the government have a say? Should governments regulate financial systems or should they leave them in the hands of the free market?
• How to participate effectively in society as a citizen, producer and consumer.  Students become aware of critical issues like discrimination, income inequalities and current economic affairs.

What kind of student is this suitable for?

The course will appeal to students who:

• Wish to pursue a career in an economics-related profession.
• Enjoy studying a subject that affects their own everyday lives.
• Want to keep their options open

Economics can be combined with a wide range of social sciences, humanities and even natural science subjects.

Subject

You may never have studied Economics before, and yet when you open a newspaper what do you read? - the prices of shares at the Stock Exchange? Turn on the TV news and what do you see? - an item on the state of the economy. Economics affects our daily lives. Continually we are being made aware of local, national and international economic problems and continually we are faced with economic problems and decisions of our own.
Economics is the study of how we allocate scarce resources. We look at what role firms, individuals and governments play in this process. We aim to discover the costs and benefits of different policies aimed at dealing with these problems. So, the sort of questions we may be studying in Economics include:

• Why have share prices risen and fallen so sharply in the last year?
• Should the level of taxation be increased or reduced?
• Why is there unemployment?
• Should a government proceed with privatisation?
• Who should provide health care; the public or private sector?

An interest in, and awareness of, current affairs is important when studying Economics. The subject is all about the application of theories to topical issues and problems so a considerable emphasis during the course is put on discussion of topical issues and we encourage students to read newspapers and journals to help them fit the subject into the real work context.
The Economics Department is a well-resourced department.  In addition to an extensive collection of economics books and journals in the School Library, we also have a variety of journals and periodicals available in the Department. We also encourage students to subscribe to a number of journals useful for the study of the subject. The Department undertakes further to provide students with an Articles Booklet which will be used extensively throughout the course.

Course

The specification we follow is provided by the EDEXCEL.  The AS Exam makes up 50% of the A Level and the A2 the other 50%. There are 4 units in the new specification, 2 at AS and 2 at A2 and the structure of the course is as follows:
 

EXAMINING BOARD: EDEXCEL
LEVEL	MODULE	EXAMINATION	DURATION	% of 'A' LEVEL
AS UNIT 1	Competitive Markets: How They Work and why they fail	written	1 Hour 30 min	25%
AS UNIT 2	Managing the economy	written	1 Hour 30 min	25%
A2 UNIT 3	Business Economics & Economic Efficiency	written	1 Hour 30 min	20%
A2 UNIT 4	The Global Economy	written	2 Hours	30%