About the Course
Economics is one of the broadest and most challenging subjects offered at A-level. It is embedded in the fabric of society and economic issues are discussed in the media every day. As such, the content and learning in economics will be considered using real world examples, which is why a wider reading and knowledge of current affairs is so important for all economics students. Students are expected to keep up to date with contemporary issues through regular reading of economic press reports in local and national newspapers, apps and magazines such as The Economist Magazine as well as being actively engaged in the reading of financial literature.
The Economics curriculum aims to provide students with an understanding of their place in a dynamic global economy. By studying Economics at St Edward’s Academy, students will have an appreciation of the lives and works of some of the most influential economists of modern times, enabling them to critically evaluate how governments, central banks and other economic agents co-ordinate economic policy during the economic cycle.
The curriculum encourages students to challenge the classical hypotheses of rationality and perfect markets, and to consider the role of institutions which seek to correct economic failures. By studying empirical data regarding nations’ abilities to achieve key macro-economic objectives, our students will be able to analyse the extent to which markets are fully flexible. In a world of data, the Economics curriculum ensures that our students are well placed to understand, interpret and extrapolate the wisdom that lies hidden within and behind such data.
The Economics curriculum will help to develop character. Alongside fundamental economic analysis, students will be challenged to consider the ethical principles and moral or ethical problems which so often arise when implementing public policy. The curriculum will make certain that students not only know about the world, but will also challenge them to consider how best to live in our society and global economy.
It is expected that students have obtained a Grade 6 in Mathematics to cope successfully with the mathematical aspects of the course. The course provides a smooth transition from GCSE Business Studies to A Level, but GCSE Business Studies is not necessary to take this subject at this level. It is expected that students who have already studied Business at GCSE have obtained at least a Grade 6.
AQA Economics (7136) covers macroeconomic issues such as employment, inflation, economic growth and the United Kingdom’s international trade position. Furthermore, students will explore microeconomic content such as supply and demand, market failure, government intervention, elasticity, market structure and economic decision making.
- All economics papers are a two hour written external assessment worth 33.3% of the final Grade.
- Paper 1: Markets and market failure
- Paper 2: National and international economy
- Paper 3: Economic principles and issues coverall all the content in Paper 1 & Paper 2
Popular and useful subject combinations that work well with Economics at A-level include: Mathematics, Accounting, History, Government and Politics, Geography and English Literature.
Should students be considering studying a degree in Economics it is highly recommended that Mathematics is studied alongside this A level.
Economics is highly respected as an A-level by universities for all sorts of courses. They know that if people have done well in Economics they will be equipped with a great deal of knowledge and skills such as attention to detail, analysis, economic modelling and evaluation, attributes that often lead students to careers in banking, accounting, actuary work, finance, politics or providing economic advice to private companies and the public sector.
Curriculum Theological Underpinnings
“You may say to yourself, ‘My power and the strength of my hands have produced this wealth for me’. But remember the Lord your God, for it is he who gives you the ability to produce wealth, and so confirms his covenant, which he swore to your ancestors, as it is today.”(Deuteronomy 8: 17-18)
Business is a good thing that drives the economy and creates wealth to benefit us all. However we must not boast or forget that our ability to work or create wealth is depended on God’s good creation and environment and so we should be wise to remember others and the impact we have on the environment.