Introduction To The Course
The course combines economic theory with application to real world problems. Economic theory involves modelling the economy and studying the behaviour of individual economic agents such as consumers and producers.
Standard entry requirements and B grades in Maths and English Language. Students studying Economics typically find it offers new challenges and different ways of thinking as popularised by best seller books such as Freakonomics! Students should feel comfortable working with data although there is a minimal mathematical content at A level. GCSE Business Studies is useful, though not compulsory.
At a micro economic level (units 1 and 3), students study how markets work in areas such as commodity markets, transport, healthcare and education. This leads on to analysis of whether governments or markets should provide services. In the first module we examine closely the arguments for government intervention in markets and also address the concept of government failure. In macro economics (units 2 and 4), students are introduced to the working of the economy where the links between different elements such as unemployment, inflation, economic growth and external balance are studied. In micro economics we focus in on particular markets (gold, oil, wheat etc) whereas in macro economics we look at the whole economy. An interest in current affairs is critical for success in this subject – exam questions will cover a wide range of subjects which students can only answer if they are up-to-date with current events. Students will study:
AS Modules: Unit 1: Markets & Market Failure
Unit 2: The National Economy
A2 Modules: Unit 3: Business Economics and the Distribution of Income
Unit 4: The National and International Economy
Unit 1: Examination 50% of AS grade 25% of A2 grade
Unit 2: Examination 50% of AS grade 25% of A2 grade
Unit 3: Examination 25% of A2 grade
Unit 4: Examination 25% of A2 grade
Future Career Progression
There is a specific shortage of academic economists in the universities at present because of the strong demand for economists elsewhere, mostly in the financial sector. Economics graduates are sought after by City firms and are ten times more likely to land financial jobs than graduates from other disciplines. Industry uses economists to predict growth, inflation etc in the markets that they operate in. For example, Ford economists would be estimating the demand for cars whilst also estimating which economy would be growing strongly in the future so that they can exploit this.