What is the subject about? The official definition is that economics is the study of “how resources are allocated”. The economy is the environment in which businesses, entrepreneurs, employees, governments and individuals operate. Economics examines choices made by all of these groups and what influences such decisions. Questions that the course will look at are:
What caused the global recession and what are the strategies for getting us out of it?
Why do we have an inequality of wealth across the nation and globe?
What determines house prices?
How can governments influence the economy?
What determines wage rates for different jobs?
How do we measure a nation’s economic performance?
How is the course assessed? The course is assessed purely by exams – 3 at the end of Year 13 for the A Level. These exams combine multiple choice theory questions, essay style questions and data response questions. The latter is where you are given a set of information (graphs, data etc.) and you have to use it to answer questions and draw conclusions.
What skills will I need and develop in this course? You do not need prior knowledge of economics to take the AS course but you do need good numeracy and literacy skills (hence the entry requirement of B or above in GCSE Maths and English). You also need a strong work ethic and have a genuine interest in the news and current affairs. You will need learn key economic terms and concepts and be able to apply them to given situations.