Course
Economics
Exam Board
Edexcel - Click here for more information
For more information contact Head of Department:
Mrs K Winwood - kwinwood@stedmunds.org
Brief introduction to subject:
Students are expected to keep their notes organised, to review lesson materials regularly, and to read ahead to prepare for forthcoming lessons. They will produce regular written work for marking in order to consolidate learning and assess their progress. In addition, we would like students to increase their awareness of current issues by reading newspapers and dipping into key resources such as the Economist and Economic Review magazines.
The recent âcredit crunchâ and its continuing aftermath served to reinforce the importance of Economics to our everyday lives.Â
This course provides an opportunity to examine the different ways that the âinvisible handâ guides our everyday lives.
The course covers fours topic areas:
Theme 1: Markets, consumers and firmsÂ
Theme 2: The wider economic environmentÂ
Theme 3: The global economyÂ
Theme 4: Making markets workÂ
The course contains an element of data analysis and learners are expected to demonstrate skills of both quantitative and qualitative analysis. When considering this course, learners should be aware that they will need to be confident to both read and produce extended pieces of writing as well as analysing statistical data. Some calculations, such as rates of change, will be required.
What our students say
"If you want to actually understand half of what the newspapers are saying, studying economics is the answer."
"It is the most fun subject!"
"What you study is all relevant to everyday life."
Course Requirements
English - Grade 5
Maths - Grade 5
There is NO requirement to have studied GCSE Economics, however if you have studied it at GCSE you would need to have achieved a Grade 6 in order to complete the A Level course.
Assessment
100% Exam Based Subject
Year 12:
Theme 1: Markets, consumers and firms
Students will develop an understanding of:
â scarcity, choice and potential conflicts
â enterprise, business and the economy
â introducing the market
â the role of credit in the economy
â market failure and government intervention
â revenue, costs, profits and cash.
Theme 2: The wider economic environment
Students will develop an understanding of:
- business growth and competitive advantage
- firms, consumers and elasticities of demand
- productive efficiency
- life in a global economy
- the economic cycle
- introduction to macroeconomic policy.
Year 13:
Theme 3: The global economy
This theme develops the concepts introduced in Theme 2. Students will develop an understanding of:
- globalisation
- economic factors in business expansion
- impact of globalisation on global companies
- impact of globalisation on local and national economies
- global labour markets
- inequality and redistribution.
Theme 4: Making markets work
This theme develops the concepts introduced in Theme 1. Students will develop an understanding of:
- competition and market power
- market power and market failure
- market failure across the economy
- macroeconomic policies and impact on firms and individuals
- risk and the financial sector.
Economics is suitable for just progression onto a range of Higher Education courses. It is particularly relevant to those learners with an interest in studying politics, sociology, business or law.
Those students with an interest in reading Economics at university would be well advised to consider taking A Level Mathematics alongside Economics.
