What will I learn?
Economics is likely to be a very new subject to you, even though you will have seen or read a lot about it in the news and the media. A lot of the debate about leaving the EU centered on Economics.
The textbook definition of Economics says it is about allocating scarce resources among competing uses to maximise our well-being; in simple terms we have to make the best use of the limited resources we have to make us as happy as we can! However, this does not do justice to the scope of the subject and what it really entails. The specification content is listed below; however, in short, if you want to know why footballers are paid so much (and why nurses appear to be paid so little) or why there was a financial crisis in 2008 or what austerity is, then this is the subject for you.
Who should choose Economics?
The beauty of Economics is that students who study it have to have high degrees of both numeracy and literacy. It suits those who like to debate, to know more about the events going on around them and who have an eye for critical analysis. Answers are very rarely certain in Economics, which is part of the beauty of it, alongside the fact that it is ever evolving – there is always something new to learn.
What other subjects go well with Economics?
Most subjects fit well with Economics, although there are quite clear overlaps with Mathematics, History, Geography and Psychology. Historically, Economics students have studied A Levels across the whole subject range.
The subject is split between micro and macro Economics
- Economic methodology
- Individual decision-making
- Prices in a competitive market
- Production, costs and revenue
- Market structures and market failures
- The labour market
- Poverty and inequality
- Government intervention in markets
- Macro-economic performance
- How the economy works
- Financial markets and monetary policy
- Fiscal and supply-side policies
- International economics
To find more detail about the specifics of the subject click here.
Beyond the classroom
There is an opportunity to take part in The Bank of England/The Times Target 2.0 Competition every year. In addition to this, there are opportunities for essay competitions run by www.tutor2u.net
For further information, please contact Mr Wood: email@example.com
"For me, Economics is more than just a subject, more than just an A Level, it's current, it's real, it's about the world changing around us. Economics is the perfect combination of numbers and words, problems and essays. It is both an art and a science subject. You have the opportunity to build models which give insights into the real world, and then to critique these models on the basis of your assumptions. I am of the belief that knowing what's going on around in the world is vital, especially in Upper Sixth. How can you make decisions such as what to do for a career, where to invest your money or which bank to use, without having some knowledge about the economy? Through studying Economics, you develop a financial awareness, and analytical and evaluative skills that are extremely beneficial, no matter what your career aspirations may be. It is a brilliant platform and a highly regarded subject, allowing you to design your own future." Jemima, Sixth Former