AS/A2 Economics

AS-A2 Economics

Why study Economics?
Economics is different from many A Level subjects in that probably no student will have studied it before starting the AS course. The course will give you two main things: knowledge about the content of the subject and skills in how to deal with that content. Although some of you may not need to remember the content for very much longer than the duration of your course, the skills you develop can be built upon and used throughout the rest of your life. Economics teaches students to think logically and to use theories to understand how economies operate. At the centre of the subject is the question of how we divide up our scarce resources, and how decisions resulting from this affect us all in other words who gets what, and why?

To have a working understanding of economics is, according to the economist J K Galbraith, to understand the largest part of life: We pass our years contemplating the relationship between the money we earn and the money we need. Economics is about what we earn and what we can get for it. So an understanding of economics is an understanding of lifes principal preoccupation. If people make no effort to understand these decisions, they obviously surrender all power to those who do understand, pretend to understand or believe they understand. And you can be sure that the decision so made will rarely be damaging to those who make them or to the people they represent. Research, analytical, numerical, evaluative and communication skills will certainly be enhanced whilst studying on an economics course. To progress as an Economics student you need to be interested in the subject, hardworking and prepared to challenge ideas presented and to promote your own considered judgements.

What will I study and how will it be assessed?
The following issues form an integral part of the course:

• Should Britain join the Euro?


• Does income and wealth inequality matter?


• The impact of economic migrants on the UK economy.


• Are house prices too high?


• Should a bigger share of education be provided by the market sector?


• The performance of the UK economy in a European and global context.


• Why do some snooker players earn more than most teachers?


• Is UK government borrowing out of control?


• Does the growth of Tesco plc. conflict with the interests of the consumer?


• Should air travel be subject to a pollution tax?


• Is the growing trade deficit a cause for concern? Is road pricing the way to reduce congestion?


• Can unemployment be reduced without generating inflationary pressure?


• Must the UK have a British owned car producer?


• An ageing population cause for celebration or concern?


• Is globalisation inevitable?

The AS course comprises 2 units to be examined in June.

Unit 1 Competitive Markets How They Work and Why They Fail. 1.5 hour examination: supported multi-choice and one data response question from two choices 50% of the total AS marks.

Unit 2 Managing the Economy 1.5 hour examination: one data response question from two choices 50% of the total AS marks.

The specifications have been designed so that students can take an AS that provides broad coverage of the subject in a one year course.

Students can then move on to an A2 course (two additional units) that is more specialised, requiring more searching analysis and evaluation.

Unit 3 Business Economics and Economic Efficiency 1.5 hour examination: supported multi-choice and one data response question from two choices 40% of the total A2 marks.

Unit 4 The Global Economy 2 hour examination: one essay from a choice of three topics and one data response question from two choices 60% of the total A2 marks.

Coursework is not part of the assessment process. Since so much of the Economics course can be applied to current events, national and international, there is ample opportunity in lessons for discussion and debate. The attitude you adopt really will be the key to your success.

Does Economics link particularly well with other subjects?
Economics combines well with both science and arts courses. For the mathematically inclined the A Level in Mathematics concentrating on Statistics, combines well with Economics. For those interested in the Humanities and Social Sciences, subjects such as Government and Politics, History, Geography, Sociology, Psychology, Law and Economics are good combinations. Students often combine a foreign language with Economics. Business Studies and Economics has become a popular combination. A distinct advantage of studying this at Sixth Form College is that just about any subject combination is possible.

Where might it lead me?
Economics has vocational relevance to a wide range of career paths and many of the professional examinations of financial occupations (Accountancy, Banking, Insurance) have an economics component. A2 may give you exemptions from some of these exams. The knowledge you gain will empower the decisions you make in possible positions in both the public and private sectors, in the UK and abroad. Jobs include working in the Civil Service, Local Government, banking, accountancy, management, journalism, the media and the legal profession. And theres always soccer management to fall back on, emulating the likes of Arsene Wenger and Steve Coppell, both graduates in Economics!