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Economics

Economics attempts to answer  how can society use its resources to give the best possible standard of living for everyone? It considers what markets are, how they work and how they might be used to overcome many current global problems such as pollution and extreme poverty in less developed countries. Studying Economics will develop students' analytical and numerical skills alongside their ability to construct arguments and to make and support judgements.

AS level

Unit One – Markets in Action

This unit looks at the choices faced by individuals and societies when making decisions on how to use resources.  The unit explores how markets work and the potential benefits they can offer to government, business and consumers. This is balanced by a consideration of why markets fail and the reasons for this and how government may react to this.

Unit Two – The National and International Economy

This unit considers the targets that the UK government pursues in its management of the economy. Its major targets include low unemployment, price stability and steady economic growth. This unit looks at the policies that the UK government might use to achieve these goals – interest rate or budget changes. The unit includes the pattern of the UK’s trade with other countries and influences of foreign exchange rates

A2 level

Unit Three – The Economics of Work & Leisure

This unit focuses on concepts that help Economists to understand the working of labour markets. The unit considers the structure of UK earnings and employment and influences on the labour markets such as trade unions, the government and the size and market power of businesses.

Unit Four – The Global Economy

This unit considers the causes and consequences of economic growth in developed economies such as the UK, regional groupings of countries such as the European Union, developing economies such as Vietnam and in the wider global economy. It will help students to understand the importance of trade to all economies and how the countries of the world are becoming more economically integrated through the process of globalisation.

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