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Economics

Economics

Economics is a social science that attempts to explain how the actions and decisions of firms, consumers, workers and governments affect the operation of the economy.  It plays a huge role in our daily lives; it has links to international affairs and politics and is a subject that is often debated and discussed.  It requires a fair deal of analysis and includes topics such as supply and demand, growth, inflation, globalisation and exchange rates.

 

 

Exam Results Summer 2017

AS Economics:    ALPS 2
A-level Economics:   ALPS 2

The ALPS above puts us in the ‘Outstanding’ category when compared to providers of the same qualification nationally, equivalent to being in the top 10% of schools for the teaching of Economics.

A Level Economics

Summary of Edexcel Economics ‘A’ Specification

The course is taught across Year 12 and Year 13

 

Theme 1  -  Introduction to markets and market failure

1.1 Nature of economics:  Economics as a social science,  The economic problem, Specialisation,  types of economy
1.2 How markets work: Demand & Supply, Price, Taxes & Subsidies
1.3 Market failure: Externalities, Public Goods and Information Gaps
1.4 Government intervention: Intervention and government failure

Theme 2  -  The UK economy performance and policies

2.1 Measures of economic performance:  Economic growth, Inflation, Unemployment,  Balance of payments
2.2 Aggregate demand (AD):  Consumption, Investment, Government expenditure, Net trade
2.3 Aggregate supply (AS):  Short-run & Long-run AS
2.4 National income:  Injections and withdrawals, Equilibrium levels of real national output, The multiplier
2.5 Economic growth:  Causes of growth, Output gaps, Trade (business) cycle, Impact of economic growth
2.6 Macroeconomic objectives and policies:  Objectives,  Demand & Supply-side policies, Conflicts between policies

Theme 3  -  Business behaviour and the labour market

3.1 Business growth:  Sizes and types of firms,  Business growth, Demergers
3.2 Business objectives:  Different objectives, Principal/Agent problem
3.3 Revenues, costs and profits:  Economies and diseconomies of scale, Normal & supernormal profits, losses
3.4 Market structures:  Efficiency, Perfect competition, Monopolistic competition, Oligopoly, Monopoly, Monopsony, Contestability
3.5 Labour market:  Demand for labour, Supply of labour, Wage determination in different markets
3.6 Government intervention:  Competition policy

Theme 4  -  A global perspective

4.1 International economics:  Globalisation, Specialisation and trade, Pattern of trade, Terms of trade, Trading blocs, Restrictions on free trade, Balance of payments, Exchange rates, International competitiveness
4.2 Poverty and inequality:  Absolute and relative poverty, Inequality
4.3 Emerging and developing economies:  Measures of development, Factors influencing growth and development
4.4 The financial sector:  Role of financial markets & central banks, Market failure in the financial sector
4.5 Role of the state in the macroeconomy:  Public expenditure, Taxation, Public sector finances

 

For more information please go to:


https://qualifications.pearson.com/en/qualifications/edexcel-a-levels/economics-a-2015.html#tab-0

 

 

Extra-Curricular & Trips

The department offer a range of trips and extra-curricular activities including:

  • Revision conferences
  • Business & Economics visit to Prague (bi-annually)
  • Business & Economics visit to Paris (bi-annually)
  • Stock Market competition
  • Business visit to Cadbury World for Yr11
  • Economics visit to Bank of England museum
  • Economics Society
  • Royal Economics Society Essay competition
  • Royal Geographical Association Essay competition
  • Iceland over February half term annually
  • River Chess visit for Year 9 Geographers
  • Malton, Yorkshire for Year 12 students
  • Geographical skills trip to St. Albans in Year 10

 

 

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