Economics

Students taking Economics at Advanced Level may not have taken the subject at GCSE level. We are happy for a Year 12 student with no previous knowledge of the subject to join the course, assuming that they have a keen interest in business news, politics and current affairs.

 
Economics students also have the opportunity to join in business competitions such as Young Enterprise which will add to the enjoyment and achievement of students at this level.  

 

We direct our efforts towards developing economists with critical, creative, and research aptitudes along with profound social commitment and capability to contribute to socioeconomic development.

Courses Offered

A Level Economics (AQA  7136 specification) 

 

Syllabus Breakdown

 

The course is synoptic meaning that topics that are covered in Year 1 are revisited and extended in more depth in Year 2 with some additional topics shown as NEW below.

Year 1:

Microeconomics: ‘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

Macroeconomics: ‘The national economy in a global context’

  • Measuring of macroeconomic performance

  • How the macroeconomy works: the circular flow of income, AD/AS analysis, and related concepts

  • Economic performance

  • Macroeconomic policy

 

Year 2:

Microeconomics: ‘Individuals, firms, markets and market failure’

  • Economic methodology and the economic problem

  • Individual economic decision making (also known as ‘Behavioural economics’) - NEW

  • Price determination in a competitive market

  • Production, costs and revenue

  • Perfect competition, imperfectly competitive markets and monopoly (a much more in-depth analysis)

  • Labour markets - NEW

  • Distribution of income and wealth: poverty and inequality - NEW

  • The market ‘mechanism, market failure and government intervention in markets

Macroeconomics: ‘The national and international economy’

  • Measuring macroeconomic performance

  • How the macroeconomy works: the circular flow of income, AD/AS analysis, and related concepts

  • Economic performance

  • Financial markets and monetary policy - NEW

  • Fiscal policy and supply-side policies

  • The international economy - NEW


Minimum Entry Requirements

In addition to the general Sixth Form entry requirements of five GCSEs at grade 4 or above, it is not necessary to have taken GCSE Economics as the course assumes no prior knowledge, but Grade 5 or above in GCSE Maths and English is preferable.

 

Why Study Economics?  

Economics deals with how the world earns and spends its wealth. Anybody who wants to understand how modern societies work, or indeed, sometimes fail, should find the subject to be of great interest.  

 

Those who have studied History, Geography or Business Studies at GCSE will already have a good idea of how economics can affect us all. It is a good complement to those subjects at A level but also mathematics and science.

Wider Opportunities

Opportunities to attend external events e.g. Economics in Action, Cambridge Women in Economics Day, various guest speakers and external material used throughout the course, including the Economic Review magazine and The Economist.

 

What Our Students Say

“I enjoyed Economics and it enhanced my other studies.  It gave me a ‘business like’ overview of how it impacts on countries and people.  It assisted me in making my university choice.”

 

What Can I Do Next? 

This would be a valuable qualification for those going on to any of the wide variety of Economics or Business related degrees, HNDs or apprenticeships, for example in the Civil Service that are available. It is also a well-respected academic qualification in its own right which will support applicants wishing to study in any subject area.  Students may well also find it to be a valuable addition to their CV if their career, at some stage, becomes involved with business of any kind – which could well be the case for most. 

 

Those wishing to pursue Economics at a higher level would also find A Level Mathematics highly advantageous.  Well qualified economists are highly sought after by Industry, the City and the Civil Service.  In addition, Economics is often an important part of many qualifications from professional bodies such as those offered in accountancy and banking.

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The Knights Templar School Sixth Form

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