Why should I study Economics?
Economics is a social science which relates to the consequences of decision-making in everyday life. It has links particularly to history, geography, politics, psychology, law and philosophy. Its topicality makes it relevant to all who wish to study how and why economic systems function as they do. The course is based around four themes which comprise the microeconomic environment (individuals’ decisions and firms’ behaviour) and macroeconomics (UK and the global economy).
The course will help you understand many issues in the world around you such as market competition, prices, government policy, the welfare state, international trade, economic development, sustainability and much more. Recent changes to content mean that financial markets are covered in more depth, some basic economic history is included and elements of behavioural economics are investigated also. As there are few areas in our lives in which Economics does not appear in some form, the lessons often involve lively argument and debate surrounding current, topical issues.
What will I need to study Economics?
It is expected that candidates achieve a grade A or above in Mathematics GCSE to qualify for entry to this course. Economics has relevance in all areas of society. Many examples from the real world are used to help learning and understanding, so an interest in and an awareness of current affairs would be useful. The ability to write well is a distinct advantage.
Structure and outline of the course:
This linear two year Edexcel course is built upon four themes, two of which are microeconomic and two macroeconomic.
Theme 1 - Introduction to markets and market failure (micro)
Theme 2 - The UK economy performance and policies (macro)
Theme 3 - Business behaviour and the labour market (micro)
Theme 4 - A global perspective (macro)
Method of Assessment:
All assessment is through written examinations. Questions include supported choice, data response and essays. There is no coursework.
Assessment comprises three 2 hour exams at the end of the two year course.
Paper 1 - Markets and Business behaviour (examines themes 1 and 3)
Paper 2 - The National and Global Economy (examines themes 2 and 4)
Paper 3 - Microeconomics and Macroeconomics (synoptic: examines all three themes)
“I see Economics as a challenging but interesting subject. It is good because it helps to further my knowledge about the real world and I can actually understand what is going on and have my own viewpoint on world issues.”
“Studying Economics has helped me in all of my other subjects. It relates to all aspects of life and I find it an interesting and challenging subject.”
“Economics has taught me a new way of thinking about global issues and it has given me a better understanding of the news. It is an interesting and relevant subject.”
“Economics has really enhanced my understanding of decision making and made me see how government really can affect everyone.”