Economics
Economics is in action all around us every day. As such, the study of Economics allows students to understand the world they are living in. We are bombarded with headlines about inflation, interest rates, government budgets, and tariffs. Economics gives students the skills not only to understand these issues in depth, but to formulate their own, well-informed opinions.
A Level
What do I need before starting this course?
No prior knowledge is required but you will need a minimum of Level 5 in GCSE maths as well the ability to perform well in essay-based subjects. If you are considering taking the subject beyond A-Level, you will almost certainly require A-Level maths. You do not need to have taken GCSE economics or business but will be expected to have an interest in current affairs and the world around you.
What will I learn?
The study of A Level Economics delves into the UK’s organisation of scarce resources to maximise the benefit for the most of us. Specifically, students learn in two halves, simultaneously! You will learn about microeconomics - how prices are determined, how people make choices, and what happens when markets go wrong. At the same time, students learn macroeconomics - the economy of the UK as a whole, how the Government makes decisions, why people go on strike and how banks actually work.
How is the course structured?
In A-Level Economics, you’ll be taught by two teachers: one for microeconomics and one for macroeconomics. In Year 12 micro, you’ll explore how markets work, why they fail and how to fix them, and how people make decisions, often irrational ones... it is a social science. In macro, you’ll learn how the economy functions, how the government balances taxation and spending, and how the Bank of England manages inflation through interest rates. In Year 13, micro covers market structures and monopoly power, and the role of trade unions. Macroeconomics focuses on globalisation, international trade, and ends with the study of economic development and growth.
How is the course examined?
The entirety of AQA A-Level Economics is assessed through 3 examinations. Each exam paper is weighted equally, accounting for 33% of your final grade. Each exam paper is 2 hours in duration.
- Paper 1 includes only topics from the microeconomics side of the course.
- Paper 2 includes only topics from the macroeconomics side of the course.
Paper 3 includes both topics with a focus on a policy recommendation.
What could I do next?
Economics opens the doors to a wide range of industries and opportunities and is one of the greatest A Levels for employment given its breadth of study. Studying Economics, particularly with Mathematics, can lead to professions in data science, data analysis, finance, banking, accountancy, risk management, consultancy, government and politics and more.