As a new subject to most pupils, Economics offers a fresh perspective on the world in which we live. Pupils will investigate the role that resources play in everyday life, building up a scientific understanding of the market in microeconomics (Themes 1 and 3), whilst exploring wider economic issues such as interest rates, inflation and other indicators in macroeconomics (Themes 2 and 4).
Economics is a very accessible subject, drawing on scientific and mathematical understanding, in an applied way, whilst offering an opportunity for debate and discussion in the more subjective areas of the course. Pupils with a desire to understand the world around them will find much to enjoy.
The subject complements most other A levels, providing an excellent subject for pupils who are mathematically confident and interested in current affairs.
A number of economic theories are covered, as are the works of notable economic
thinkers including Smith, Hayek, Keynes, Marx and Nash. Pupils have the opportunity to assess economic behaviour and to explore key events which shape our current world such as the global financial crisis of 2008.
- Develop key critical skills for assessing the functioning of an economy. They will have to justify their own views in writing and in discussion.
- Build up a detailed and scientific understanding of markets, through analysis of Supply and Demand graphs in the first year, and Revenue and Cost graphs in the second year.
- Be able to identify, discuss and critique a range of government policies, including Monetary, Fiscal and Supply side policies.
- Explore a range of economic viewpoints, from Classical to Keynesian.