Why study Economics at Huish Sixth?

Economics is a Social Science which studies human behaviour, especially why certain choices are made by individuals, businesses and Governments.  We study how markets work and how they fail. In order to do so effectively we study the dynamics of change at a micro level i.e. for individuals and companies, as well as at the macro level of Governments and International trading partners.

You will develop the knowledge and skills needed to understand data, think critically about issues and make decisions.  On this course you will develop a range of transferable skills such as numeracy, decision-making as well as oral and written communication skills.  You will be expected to write extended essays, to understand and draw economic diagrams, to interpret data, statistics and to use economic formulae.

Lead Teacher: Mr P Madden

Course Content and Assessment.

Year 1 Units:

AS

Subject content

The operation of markets and market failure:

• Economic methodology and the economic problem
• Price determination in a competitive market
• Production, costs and revenue
• Competitive and concentrated markets
• The market mechanism, market failure and government intervention in markets

The national economy in a global context

• The measurement of macroeconomic performance
• How the macroeconomy works : the circular flow of income, AD/AS analysis, and related concepts
• Economic performance
• Macroeconomic policy

 

Year 2 Units:

Subject content

Individuals, firms, markets and market failure:

• 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

Economics is examined in 3 two-hour papers consisting of MCQ’s, Essays, Case Studies and Data Response questions.

Entry Requirements:

Whilst no previous Business or Economics qualification is necessary in order to take A-Level Economics, there is a minimum entry  requirement of will be 5 GCSE subjects at a minimum of level 4, as well as Maths at level 6 or above. At least a grade 5 in English is also preferred - Economics is a Social Science subject, therefore students have a requirement to be able to structure essays and independently produce extended writing/research projects. You must be a motivated individual who is keen to work with others in paired and group work. A keen in how society is impacted by economic conditions on a local, national and global context is important. You will have a genuine interest in following the news on a weekly basis in order to apply our theory to current business issues.

Where will this course take me?

It is a widely accepted and highly prized subject accepted by Universities, which can lead to careers as diverse as Accountancy, Law, Journalism, Professional Economist, Civil Service, Stockbroking, Consultancy, Banking and Finance.

A degree in Economics is in the top 3 highest earnings for graduates.

Extending your experience:

Some of the key issues covered in the course will include:

• What explains the persistent and stark divide between rich and poor?
• How will businesses and consumers be affected by Brexit?
• Are digital companies abusing their monopoly power?
• How can we influence social behaviours to tackle climate change?
• Is labour migration good for an economy in the long run?
• What is the future of work in a world of artificial intelligence?
• How soon will electric vehicles become the norm?  Will they stimulate faster economic growth?
• Is there a strong case for the government to provide a basic income for all?
• What can and should be done about the gender pay gap?
• How can we make housing more affordable? 
• Does globalisation create more winners than losers?  Is the age of globalisation coming to an end?
• What is the value of a university degree?  How should we fund further and higher education?
• Does the gig economy improve our well-being?  How should the rights of workers be protected?
• Will China experience an economic crisis?

I look forward to welcoming you in September.  For more specific information contact me: 

Mr Madden BSc (Econ)  philmadden@huishepiscopi.net