A Level Economics is focused on the way markets work. For example how the supply and demand for oil, dental implants and airline flights respond to changes in price, income levels, taste and fashion.
You will learn how markets can sometimes fail and require government aid to fix problems, such as excess consumption of petrol and alcohol, or under-consumption of fruit and education. The course also covers the new regulations of the UK financial system following the recent financial crisis. We consider why the Bank of England uses the interest rate and quantitative easing to boost or weaken economic growth; why governments prefer low inflation; how net immigration affects productive potential and the impact that high levels of unemployment have on society. We examine the extent to which these factors might be the same or different for a developing economy, and analyse how far global trade really reduces poverty and improves well-being. The transport sector provides interesting examples for the cost benefit analysis of large scale projects such as High Speed Two (HS2), new road building and airport expansion. Discussions are topical so students become up-to-date with business and economic news.
We start the course by covering important topics such as the laws of supply and demand. You will learn how to apply basic theories to real markets, such as the housing market, or the music industry. You will also study important economic variables such as unemployment and inflation. To take unemployment as an example, you will learn about its causes, the variety of policies that government could use to cure it, and its effects on the economy. Throughout the course, we relate our theoretical ideas to the events of the real world.
You will learn about costs, revenues and profits for firms, and the way businesses operate in various markets. You will find out why workers are paid different wage levels and what economists believe should be done about issues of concern, such as pollution.
You will study the following units on A Level Economics:
- Economic methodology and the economic problem
- Individual economic decision making
- Price determination in a competitive market
- Production, costs and revenue
- Perfect competition, imperfectly competitive markets and monopoly
- The labour market
- The distribution of income and wealth: poverty and inequality
- The market mechanism, market failure and government intervention in markets
- The national and international economy
- The measurement of macroeconomic performance
- How the macroeconomy works : the circular flow of income, AD/AS analysis, and related concepts
- Economic performance
- Financial markets and monetary policy
- Fiscal policy and supply-side policies
- The international economy
You will take two exams which consist of a mixture of multiple choice, data response, and essay questions.
You can take a degree in economics on its own or in combination and it provides an excellent foundation for related disciplines such as business management, finance and accounting. Careers in consultancy, teaching, journalism and government/administration are common for students who have studied this subject. Students go on to study degrees in economics, politics and management, often specialising in finance, accounting or the environment in pursuit of careers in finance, business or civil service with the government or international bodies such as the United Nations.
Last year, A Level Economics students progressed onto a wide range of degree programmes including –
|Durham University||Combined Honours in Social Sciences|
|City University London||Actuarial Science|
|University of Zürich||Mathematics|
|Warwick University||Economic Studies and Global Sustainable Development|
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