Economics
Head of Department: E.M. Tweedie, BA (Durham)
Course Specifications: AQA 1141/2141 and CIE Pre-U Economics (9772)
Economics draws on skills developed in both Arts and Science subjects and employs them in the understanding of one of the central problems of mankind: that of limited resources and unlimited wants. This understanding is developed through a critical consideration of current issues, problems and institutions that affect everyday life. Those taking the course learn to apply economic concepts and theories in a range of contexts, and to appreciate their value and limitations in explaining real world phenomena. Both courses start with an evaluation of the strengths and weaknesses of the market economy and the role of the government within it, and an understanding of the British economy. The subject helps pupils to develop clear and logical thinking and an analytical approach to problem-solving, and also to look for the wider implications of any event. No prior knowledge of Economics is assumed but a good grade in Mathematics GCSE is highly desirable.
There will be an opportunity at the beginning of the Easter Quarter for Fifth Form pupils to attend a short introductory talk to find out more about the Economics Course.
Pattern of Assessment
| AS Unit 1 ECON1 Markets and Market Failure 1¼ hours written exam [25%] |
Pupils look at the forces of supply and demand in the allocation of resources to produce goods and services. They also examine the reason why the market system may lead to unacceptable outcomes. They analyse possible remedies and consider how government action may improve or reduce economic efficiency. |
| AS Unit 2 ECON2 The National Economy 1¼ hours written exam [25%] |
Pupils learn how to measure the country’s economic performance with respect to growth, inflation, unemployment and the balance of payments. They study conflicts between these objectives as well as the rôle of government. |
| A2 Unit 3 ECON3 Business Economics and the Distribution of Income 2 hours written exam [25%] |
Pupils study various theories of the firm, including analysis of cost curves and perfectly competitive, monopolistic and oligopolistic markets. The labour market is also examined with topics such as the minimum wage and discrimination considered. Pupils study the distribution of income and wealth, with particular reference to the causes and implications of inequalities in the distributions. |
| A2 Unit 4 ECON4 The National and International Economy 2 hours written exam [25%] |
An examination of the position of the UK in the context of the world economy, this unit has a focus on international trade and exchange rate issues. At the end of this unit, pupils should be able to evaluate the macroeconomic performance of the UK in a European Union and global context. |
All pupils choosing Economics will be committed to the course until at least January of the Upper Sixth. At this stage those pupils who are just taking an AS level in the subject will take the two relevant papers. Pupils who opt for the full A Level will take three of their examined units in January and then work on Unit 3 during the Easter and Trinity Quarters.
Pattern of Assessment for Pre-U Economics
Pre-U subjects are linear and hence will be examined at the end of the two year course. Therefore all three papers will be taken in the Trinity Quarter 2010.
| Paper 1 2 ¼ hours examination including 30 Multiple Choice Questions, 4 Short Answers and 1 Data Response |
Both Papers 1 & 2 cover the same material as the A Level syllabus with a few additional topics and often at more depth. Hence the questions could be on any topic covered in both Micro- and Macroeconomics. |
| Paper 2 2 ¼ hours written exam |
A choice of three essays from six One question will be from a list of Microeconomic questions, one from the Macroeconomic list and there will be free choice for the third question. |
| Paper 3 1¼ hours investigation paper one essay to be written on a prepared topic |
Candidates choose one topic to study in depth from a range of issues. These will initially be ‘Transport and the Environment’, ‘China and the Global Economy’, ‘The Pensions Crisis’ and ‘Expansion of the EU’. |
Pupils opting for Pre-U Economics will take all four A Level modules in January of the Upper Sixth and the three Pre-U papers in June of that year.
The difference between the two courses
As its name suggests, the Pre-U course will be excellent preparation for those wishing to study the subject beyond school and will provide pupils with a better appreciation and understanding of the theoretical framework upon which various areas of the subject rely. The Pre-U course will involve both greater breadth and more depth of understanding of topics and the examination format will ensure that such knowledge and understanding is rewarded. It will be necessary for those candidates choosing the Pre-U course to opt both for Economics as one of their main subjects and for Pre-U Economics as their Short Extension course. Within this Short Extension course, the emphasis will be on two areas. First, the study of the aforementioned additional theory and second, and predominantly, on the application of the subject to everyday life, with great emphasis placed on newspaper articles and web pages, such as the ‘Evanomics’ page on the BBC website. It is important to note that those opting for Pre-U Economics will also complete A Level Economics in the January of their Upper Sixth.