Economics

Economics

What is A level Economics?

Economics is the study of human choices and how a society with infinite wants uses scarce resources to maximise welfare. Although “money” certainly comes into it at times, it is much broader than that.

Entry requirements

5 GCSEs at grades 4 – 9, across four separate subjects, to include GCSE Mathematics and/or English/English Language. In addition, a grade 5 or above is required in Mathematics.

Subject leader

Rob Barnes

"Studying economics at RSFC has been an enjoyable experience. The lessons are very engaging with the two splits of economics (microeconomics and macroeconomics) being covered in great depth. My favourite economics lessons involved market failure within microeconomics and different ways to correct failures in markets such as in transport. I would highly recommend picking economics at A level as it develops critical thinking skills and is ultimately rewarding."

Leo Abraham

what will I study?

The specification is split into two main sections, the first section introduces you to microeconomic issues and the second section covers mainly macroeconomic issues. Microeconomics is a branch of economics that studies the behaviour of individuals and small firms in making decisions on the allocation of limited resources. This is in contrast to macroeconomics, which involves the “sum total of economic activity, dealing with the issues of growth, inflation, and unemployment. MICROECONOMICS Why prices for different goods and services are at different levels and the forces that might make them change. Why some people earn more than others, what causes inequality in different economies and to what extent does this matter? The extent to which all goods and services (such as health and education) should be provided through the market and the case for governments intervening in the supply of some goods and services with taxes, laws or in some cases subsidies and state provision. How firms compete with one another, the consequences of monopoly power and the need for regulation. MACROECONOMICS The forces influencing the success of the UK and other global economies and models that can be used to analyse these forces. The sets of policies available to the UK government to make the economy stronger, and the limits to those policies apparent in the present economic circumstances. Different schools of economic thought and how different underpinning beliefs will influence policy recommendations. Further, more detailed analysis of the big issues facing countries such as unemployment, inflation, growth, government debt and the Balance of Payments. In-depth analysis of the issues affecting less developed economies, why some poorer countries have succeeded in growing quickly, whereas others are still desperately poor.

additional activities with this subject

Economics students have the opportunity to participate in competitions such as the Investor Challenge, The Bank of England and The Times 2.0 challenge and the ICAEW BASE competition.

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For September 2021

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