Economics

Why study Economics?

Economics is a social science concerned with income, wealth and well-being and the factors that influence how people, families, firms, and governments make decisions.

It examines the production and consumption of goods and services, and how this can best be organised to suit the competing objectives of consumers, firms, and governments.

Understanding economics will empower you by helping you understand key causes and connections between global events. As well as being a fascinating subject, economics will equip you with many of the skills you will need in the world of work and in life in general. 

Course overview 

The course is divided into 4 Themes.

• Theme 1: Introduction to markets and market failure
• Theme 2: The UK economy – performance and policies
• Theme 3: Business behaviour and the labour market
• Theme 4: A global perspective

Theme 1 and Theme 3 comprise microeconomics. Theme 2 and Theme 4 comprise macroeconomics. Economics is a subject where students will practice and develop both their numeracy and written skills. 

How is the course assessed? 

100% examined – there is no coursework. Students sit three papers at the end of their second year.

• Paper 1 – Microeconomics (2 hours) is based on Theme 1 and Theme 3 of the course. The paper has a short answer/calculations (Section A), data response (Section B) and an essay (Section C).
• Paper 2 – Macroeconomics (2 hours) is based on Theme 2 and Theme 4 of the course. The paper has a short answer/calculations (Section A), data response (Section B) and an essay (Section C).
• Paper 3 – Microeconomics and Macroeconomics (2 hours) which covers the whole course – 2 sets of data response questions and two essays.

What will I do in lessons?

A wide range of learning activities are used to teach economics from individual problem solving to group work, student presentations, class discussions and timed assessments. You will be given detailed feedback and model answers to help you hone your understanding and exam techniques. 

What Independent study will be expected?

Students are expected to do up to five hours of independent work a week. This will vary over the course but will often involve reading around the subject and completing and marking past papers. 

Exam Board

Edexcel

Link to specification

GCSE entry requirements

At least 6 GCSEs at grade 6 or above including grade 6 in English and maths. There is no requirement to have taken economics before but if you have you will be expected to have at least a grade 6. There is some mathematical content in Economics. Students should be prepared for this, and we assume a basic level of numerical and critical thinking skills – such as being able to calculate percentages and draw and interpret graphs. Students should have an interest in current affairs – i.e., be interested in watching the news and reading news websites.

• 6 in Mathematics required
• 6 English Language required
• 6 in Economics required (if taken at GCSE)

What A Levels go well with this one?

Because A Level Economics has a mathematical content and discusses current affairs and business news in detail, the subject combines well with A Level Mathematics, A Level Business and A Level Politics. A Level Psychology, A Level History and A Level Geography are also good fits.

What can I do beyond A Levels with this subject? 

Please note that most universities require students to have studied A Level Maths for entry to an Economics degree course. If you think that Economics is a subject, you may wish to study at university you should seriously consider taking A Level Maths alongside Economics. The two most competitive courses in the UK for Economics at Cambridge and the LSE require Further Maths.

A substantial proportion of the A Level Economics cohort progressed to study Economics or related subjects at university (e.g., Business, Finance, Accounting, and Management). An increasing number of Economics students are pursuing degree apprenticeships with the major investment banks and financial services firms. Economics broadly studies the local, national, and international economy. You need to enjoy using theoretical models, calculations and problem solving.

Careers in which it helps to have A Level Economics include:
Banking, Finance, Accountancy, Consultancy, Journalism, Law, Civil Service and Teaching. 

Frequently asked questions

How is Economics different from Business?

Business studies the type of organisation that you will work for in the future. Studying Business will provide you with an understanding of how modern organisations function. Economics broadly studies the local, national, and international economy. 

Can I study Business and Economics together?

Yes, all Universities now consider Business and Economics to be separate A Level subjects.

Is Economics extremely mathematical?

At A Level no, but as stated above, if you think you might be interested in studying a degree in the subject then you should consider taking Maths or Further Maths as part of your A Level choices.