Economics

Course summary

A-level Economics will help you gain an understanding of how economies allocate their scarce resources to meet the needs and wants of their citizens. You will build a deeper understanding of the world around you; from your local reality to more abstract global issues. It provides a framework for you to interrogate past events, evaluate current economic conditions and assess economic predictions, all skills that are invaluable as you compete for world class career opportunities. It is a vibrant, stimulating and ‘real time’ subject which will engage and challenge all students, whether you are new to the subject in year 12 or are building on your GCSE Economics skills learned prior to joining the SHSG Sixth Form. What will you study in Year 12? Theme 1 Introduction to markets and market failure The theme focuses on microeconomic concepts. Students will develop an understanding of: • Nature of economics • How markets work • Market failure • Government intervention Theme 2 The UK economy – performance and policies This theme focuses on macroeconomic concepts. Students will develop an understanding of: • Measures of economic performance • Aggregate demand • Aggregate supply • National income • Economic growth • Macroeconomic objectives and policy What will you learn in Year 13? Theme 3 Business behaviour and the labour market The theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics. Students will develop an understanding of: • Business growth • Business objectives • Revenue, costs, and profits • Market structures • Labour market • Government intervention Theme 4 A global perspective This theme develops the macroeconomic concepts introduced in Theme 2 and applies these concepts in a global context. Students will develop an understanding of: • International economics • Poverty and inequality • Emerging and developing economies • The financial sector • Role of the state in the macroeconomy