Economics
Exam board: Edexcel Economics A
A-level Economics – the key to your career
Economics is the study of how individual people, industries or businesses use resources. Although it's partially driven by numbers, it's not simply a mathematical study. Economics also covers social, financial and cultural perspectives when looking at the way the economic world operates and the transfer of wealth. Many economic models and theories help people work through the challenges posed by trying to utilise these limited resources effectively. Economic studies explore the history of economics, contemporary events and potential future challenges.
Economics A is structured into four themes and consists of three externally examined papers.
Students build knowledge and understanding of core economic models and concepts in Themes 1 and 2, and then build on this and apply their knowledge to more complex concepts and models in Themes 3 and 4.
Students will need to apply their knowledge and understanding to both familiar and unfamiliar contexts in the assessments and demonstrate an awareness of current economic events and policies.
Students will develop transferable skills that support study in a wide range of subjects at university and the transition to employment, including quantitative and analytical analysis, forming and testing hypotheses, and commercial awareness.
Students can progress from this qualification to:
- higher education courses such as economics degrees with a focus on theory, or degrees in applied economics such as environmental economics, labour economics, public sector economics or monetary economics. Alternatively, students may choose to study a business economics, mathematical economics or business degree
- a wide range of careers ranging from finance, banking, insurance, accountancy, management and consultancy, to becoming professional economists.
Course Content
A-level Economics content Year 12 (first year)
Theme 1: Introduction to markets and market failure
This theme focuses on microeconomic concepts. Students will develop an understanding of:
1.1 Nature of economics
1.2 How markets work
1.3 Market failure
1.4 Government intervention.
Theme 2: The UK economy – performance and policies
This theme focuses on macroeconomic concepts. Students will develop an understanding of:
2.1 Measures of economic performance
2.2. Aggregate demand
2.3 Aggregate supply
2.4 National income
2.5 Economic growth
2.6 Macroeconomic objectives and policy.
A level Economics content Year 13 (2nd year)
Theme 3: Business behaviour and the labour market
This theme develops the microeconomic concepts introduced in Theme 1 and focuses on business economics.
Students will develop an understanding of: ● business growth
● business objectives
● revenues, 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
Assessment
There are three papers of 2 hours each.
Paper 1: Markets and business behaviour
Paper 2: The national and global economy
Paper 3: Microeconomics and Macroeconomics
For more information visit Edexcel A Level Economics