A Level Economics
Entry Requirements: 5 In English Language and 6 in Maths
Exam Board: Edexcel
Qualification: Economics A
Overview
Economics is highly rated by Oxbridge and Russell Group universities as one of the more academically challenging social sciences.
As it is a subject unique in its field, it deserves the attentions of students who wish to be challenged with rigorous and complicated materials.
Economics provides an insight into key issues in the news and the decisions that are made by individuals, businesses and governments on a daily basis. Studying this course means you will be able to understand the forces driving things like the price of oil, why businesses behave like they do, the impact of exchange rates and the level of unemployment in an economy. Specifically, it includes an in depth study of the UK economy over the last 10 years and it’s economic relationship with the world.
It involves using several skills including numerical, analytical and literacy skills, in order to evaluate situations and decisions.
Course Fundamentals
Economics Edexcel A-Level offers an in-depth exploration of key economic principles and theories. You'll delve into microeconomics and macroeconomics, examining how individual behaviours and national policies influence economic outcomes. The course covers a variety of fundamental topics, including:
Microeconomic Principles: Study consumer and producer behaviour, market structures, and how prices are determined.
Market Failure and Government Intervention: Understand instances where markets do not efficiently allocate resources and the ways governments can address these issues.
Macroeconomic Concepts: Explore national income, inflation, unemployment, economic growth, and the role of government in managing economies.
Global Economics: Investigate international trade, exchange rates, and the interconnectedness of economies on a global scale.
Assessment
Economics is an exam-based subject. Students sit 3 exams at the conclusion of the course.
Paper 1: Markets and business behaviour - 35% of the total qualification
Paper 1 will assess microeconomics and questions will be drawn from Themes 1 and 3.
- Written examination
- The paper comprises three sections.
- Section A comprises a range of multiple-choice and short-answer questions.
- Section B comprises one data response question broken down into a number of parts.
- Section C comprises a choice of extended open-response questions; students select one from a choice of two.
- Duration: 2 hours.
- 100 marks available
Paper 2: The National and Global Economy - 35% of the total qualification
Paper 2 will assess macroeconomics and questions will be drawn from Themes 2 and 4.
- Written examination
- The paper comprises three sections.
- Section A comprises a range of multiple-choice and short-answer questions.
- Section B comprises one data response question broken down into a number of parts.
- Section C comprises a choice of extended open-response questions; students select one from a choice of two.
- Duration: 2 hours.
- 100 marks available
Paper 3: Microeconomics and macroeconomics - 30% of the total qualification
Paper 3 will assess content across all four themes. Students are required to apply their knowledge and understanding, make connections and transfer higher-order skills across all four themes.
- Written examination
- The paper comprises two sections.
- Each section comprises one data response question broken down into a number of parts, including a choice of extended open-response questions; students select one from a choice of two.
- Duration: 2 hours.
- 100 marks available
What is included in each theme?
Theme 1: Introduction to markets and market failure
This theme focuses on microeconomic concepts. Students will develop an understanding of:
- nature of economics
- how markets work
- market failure
- government intervention.
Theme 2: The UK economy – performance and policies
This theme focuses on macroeconomic concepts. Students will develop an understanding of:
- measures of economic performance
- aggregate demand
- aggregate supply
- national income
- economic growth
- macroeconomic objectives and policy.
Theme 3: Business behaviour and the labour market
This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics. Students will develop an understanding of:
- business growth
- business objectives
- revenues, costs and profits
- market structures
- labour market
- government intervention.
Theme 4: A global perspective
This theme develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global context. Students will develop an understanding of:
- international economics
- poverty and inequality
- emerging and developing economies
- the financial sector
- role of the state in the macroeconomy.
How can I prepare for the course?
Make sure that you follow Economics stories in the media. It is useful to read a quality newspaper (most are online) such as The Guardian, The Financial Times, The Times and The Independent. They have very useful Economics and Business sections. Social media is abundant with Economics news, in fact the news is Economics, you are surrounded by it.
What does this course lead to?
A Level Economics is a highly regarded course by universities and employers. A degree and career in Economics, International Business, Finance, Accounting, Banking, Investment or Marketing are options that many students choose. However, many students have career ambitions in other areas, and this highly respected course is often a key A Level for students of Politics, International Relations, History and Mathematics.
