Economics

Course summary

“Economic ideas are more powerful than is commonly understood….. Indeed the world is ruled by little else” - John Maynard Keynes The above quote was written over eighty years ago. Yet, often these days you see programmes on television or get involved in or overhear conversations on economic ideas. Prices, wages, interest rates, profits, recession, inflation, exchange rates, to name but a few are at the forefront of many conversations, particularly in light of current and recent global economic events, such as the growth in the numbers of the ‘super rich’, problems in the Eurozone and the rise of China. Studying economics will enable you to better understand these ‘ideas’ and issues and how they all interact to form what we call ‘the economy’. Furthermore, as an economist, you will be aiming to develop a critical understanding of the UK government’s economic policies. In Year 12, students study two parts that investigate micro and macroeconomics. Microeconomics addresses issues such as “Why are house prices so high?”, “Can pollution effectively be controlled?” and “Should governments intervene in markets?” The macroeconomic issues covered include “Why does the government have an inflation rate target and how does it affect us?”, “What happens to the economy if consumers decide to spend more or spend less?” and “How are we affected by the growth of other economies around the world such as China and India?”. In Year 13, students develop their understanding of the micro and macroeconomics already learned in Year 12, considering economic concepts and theories in greater depth and recognising the values and limitations of economic models. Both sections of the A Level explore two contemporary and relevant contexts: the international context, which includes the impact of globalisation on UK economic performance and national context, focusing on economic events and economic policy here in the UK.