Business Studies - Economics
|Business Studies||Economics||Mr Boland||Edexcel||A level|
Economics is an interesting and relevant subject. It explores how the economy works and considers the decisions made by consumers, firms and the government, which affect all our lives. Economics is a two year linear A Level with examinations at the end of Year 13. The course has four modern themes and students use economic models and data to explore markets and economies and how governments influence them.
Economics is a challenging academic subject and requires analytical and quantitative skills. Grade 6 (B) in Mathematics and Grade 5 in English Language is the minimum requirement.
To encourage students to develop a keen interest in the subject and begin to think as an economist. To provide the foundation for studying economics at a higher level and equip students for the challenges, opportunities and responsibilities of adult working life.
The course consists of four themes:
Theme 1: Introduction to markets and market failure
This theme provides an introduction to the nature of economics and examines the operation of markets for goods and services. It looks at how the price mechanism works as a means of allocating resources. It looks at situations where markets do not work and examines the role of government to correct market failure.
Theme 2: The UK economy – performance and policies
This theme provides an introduction to the key measures of economic performance and the main objectives and instruments of government policy. It looks at the different approaches and policies a government could use to manage an economy, and how they may be judged as successful or not.
Theme 3: Business behaviour and the labour market
This theme builds on the content of theme 1 and focuses on business economics. It examines the size and growth of firms and considers alternative business objectives. Revenues, costs and profits are explored and linked to different market structures. Students are expected to understand the importance of the government’s role in promoting competitive markets.
Theme 4: A global perspective
This theme develops the concepts introduced in theme 2 and applies these concepts in a global context. Students will understand the significance of globalisation, international trade, the balance of payments and exchange rates. They will consider the factors influencing the growth and development of emerging and developing countries.
There are three externally examined papers at the end of the two year A Level. Each paper is two hours. The papers are almost equally weighted and there is some choice of questions.
The course gives students access to a wide range of possible career and higher education opportunities. A degree in Economics offers careers in banking, finance, business management and the civil service. Economics combines with other disciplines such as mathematics and the social sciences to enhance degree opportunities.
For further information, please see Mr Boland – Head of Economics.