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A level Economics

What do I need to know or to be able to do before taking this course?

This subject is not studied at GCSE at Truro School and therefore GCSE Economics is not a requirement for AS or A-level Economics.  Students should be able to think and express themselves clearly, logically and precisely on paper.  Economics requires the writing of essays; therefore competence in this area is essential.  Students must be prepared to read around the subject and keep up to date with events in the economy.

What will I learn on the AS-level course?

The AS course covers the following:

1. Markets and Society

  1. The Basic Economic Problem
  • Scarcity, choice and opportunity cost
  • Production Possibility Curves
  • Specialisation, division of labour and exchange
  1. Supply, Demand and Markets Factors influencing the product and labour markets
  • Factors influencing the product and labour markets
  • Determination of equilibrium
  • Consumer and Producer Surplus
  • Elasticities
  1. Resource Allocation and Market Failure Allocation of resources in a free market
  • Allocation of resources in a free market
  • Why markets sometimes fail
  • Why and how governments intervene
  • The effects of government intervention

2. Macroeconomic Theory

  1. National Income and Expenditure
  • Circular Flow of Income
  • Components of Aggregate Demand
  1. Determination of output, employment and prices
  • Aggregate Demand
  • Aggregate Supply
  • Determination of output and price level

3. Macroeconomic Policy

  1. Government Policy Objectives
  1. Supplyside Policies
  1. Fiscal Policy
  1. Comparing policy instruments
  1. Monetary Policy
  1. The pattern of International Trade
  1. Exchange Rate Policy
 

The AS is examined by three papers

¾ hr short answer paper
1 hr data response paper
1¼ hr essay paper

} Tests all
} of AS
} Specification

 

What will I learn on the A2-level course?

The A2 course takes what has been learnt in the AS course and develops upon it.  Students are required to develop an evaluative and critical approach to their studies.

4. Competition and Competitive Behaviour

  1. The objectives of firms
 
  1. Costs, revenues and profits
  
  1. Evaluation and market systems
 
  1. Market Structures
  • Perfect Competition
  • Monopoly
  • Monopolistic Competition
  • Oligopoly
  • Competition Policy

5. Macroeconomic Issues

  1. Unemployment
  1. Economic Growth
  1. Inflation
 

6. Trade and Development

  1. Theory of Trade
  1. Exchange rates
  1. Balance of Payments Accounts
  1. Development

The A2 will be examined as follows:

1 hr data response paper
1½ hr case study
2 ¼ hr synoptic essay paper

} Set on all A2
} specifications
} plus AS

 

Where might the subject take me?

Economics is a well respected A-level which universities are very happy to accept because it shows that the student can think and express themselves in a logical manner and is capable of critical evaluation of situations.

Economics would obviously be a good foundation for degrees in Economics, Business Studies, Accountancy and Management. It is also an excellent stepping stone for degrees in Law, Government and Politics, Sociology, Geography, Psychology, Philosophy and many more. If anyone were considering a degree in Economics they would be well advised to also study A-level Mathematics.

Economics is appropriate for almost any career, most especially management, banking, accountancy, civil service, the “City”, broadcasting, journalism and teaching.

A - Level

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