Exam board: Edexcel A
Why study this subject?
“Economists think about what people ought to do. “ Daniel Kahneman
Economics is the study of how people make decisions in their everyday world. Students study how individuals make rational decisions on what to buy and where to go and how organisations make decisions as to what to produce. These economic tools are used to explain the problems that we see in the daily news, and help us understand subjects, such as, why football players are paid so much, and how we can help the world’s poorer nations. Studying Economics will help students develop a range of applied skills that employers look for including, quantitative skills, the ability to analyse data, make reasoned evaluations from data and apply concepts to real life situations.
Economics is about choice and the impact of our choices on each other. It relates to every aspect of our lives, from the decisions we make as individuals or families to the structures created by governments and firms. An economic way of thinking can help you make better choices.. In Theme 1 and Theme 2 you will be introduced to the nature of economics, how markets work and why they fail. You will also consider the role of government and the UK economy.
In Theme 3 and Theme 4 you will explore how businesses grow and compete, the labour mar-ket and how the government intervenes to make markets work better. You will also explore international trade, inequality within and between countries, emerging and developing economies, and the public finances. You will also have an opportunity to consider the role and impact of the financial sector.
How is this course assessed?
Paper 1 – Short-answer, data response and essay, questions on markets and business behaviour – this is the content you study in Theme 1 and Theme 3.
Paper 2 – Short-answer, data response and essay questions on the national and global economy – this is the content you study in Theme 2 and Theme 4.
Paper 3 – The questions in the exam – data response and essay questions – cover concepts and theory from the whole course.
Where can this subject lead?
Students who study Economics often go on to study economics or business at university. This is a subject closely related to geography, history and maths. Economics is particularly valued by employers who are looking for workers with strong analytical and number skills. Economic students have entered the world of work in a variety of different fields including accountancy, banking, law, management and the Stock Market.