AS and A Level Economics

AS and A Level Economics
Economics affects the lives of everyone. This course will give you a rigorous understanding of micro and macroeconomics in a real-world context by looking at contemporary issues such as the effects of increases in interest rates, why house prices are so high, immigration from Eastern Europe and how we are affected by the Chinese economy.
This course will provide an introduction into how markets and economies work and fail and the problems and solutions that are used to make them operate more efficiently. It will help develop your understanding of the major economic issues and problems that affect our world today.

What does the course consist of?
In Year 1 you will study units 1 and 2 for an AS level. In Year 2 you will take units 3 and 4 to complete the full Advanced level.
Unit 1: Markets and Market Failure

This unit introduces students to microeconomics. You will acquire knowledge and understanding of some basic microeconomic models and apply these to current problems and issues. For example, you will study the allocation of resources, supply and demand and how prices are determined.
You will be assessed by examination.

Unit 2: The National Economy

This unit introduces students to macroeconomics. You will learn about the economic objectives and policies of the UK Government, how the UK economy has performed in recent years and how the UK economy is influenced by membership of the European Union (EU).
You will be assessed by examination.

Unit 3: Business Economics and the Distribution of Income

This unit builds on the knowledge learned in unit 1. You will look at more complex economic models such as perfect competition, monopoly and oligopoly and develop a critical approach to the value and limitations of these models. You will learn about the labour market and the factors which influence wage rates, poverty and the distribution of income and wealth.
You will be assessed by examination.

Unit 4: The National and International Economy

This unit builds on the knowledge learned in unit 2. You will develop your knowledge of the causes and consequences of changes in macroeconomic indicators and learn how to suggest and evaluate possible solutions to macroeconomic problems. Examples of issues which could be studied are the impact of China's recent industrial development or the implications to the UK of adopting the Euro.
You will be assessed by examination.

What else do I need to know?
Each unit will be supported by a range of textbooks and a specially prepared learning pack that will cover the key ideas and provide a variety of exercises to develop your understanding. Economics combines well with Business Studies and students might like to consider taking the AS in both subjects in the first year before deciding which to specialise in for the second year at A Level. Equally, students can do both Economics and Business Studies at A level but should investigate whether this is an acceptable combination for their chosen university/course. Economics also combines well with any Mathematics course, Law, History, Sociology or Accounting. There is no subject combination that should be avoided.
In the UK there is a real shortage of economists and as a result salaries in such areas are rising rapidly. The subject would be useful for anyone thinking about a career in business or accountancy as it provides the background against which businesses make decisions.