Economics

“Economics is solving the problem of the world’s infinite wants with the finite resources available”.  In Western economies like the UK this problem is solved through the laws of Supply and Demand.  Private firms competing for profits will provide what consumers want and shortages are rationed through prices.  A level Economics will look into how resources are allocated applying theoretical models to real world situations

AS Economics / Year 12

UNIT 1:  Competitive Markets                   (25%)

This examines how the price mechanism allocates resources in markets.  It will also look at where the market system fails and the Government intervenes.  It will explain why petrol is heavily taxed and why education is provided by the state.

UNIT 2:  Managing the Economy             (25%)

Here we will look at the economy of the UK as a whole.  The students will understand what the Government is trying to achieve in terms of economic growth, inflation etc.  They will then learn how interest rates, taxation and other tools are used to control the economy.

A2 Economics / Year 13

UNIT 3:  Business Economics and Economic Efficiency              (25%)

This unit will focus on the behaviour of firms.  It will explain what influences the nature of competition between firms and look at the impact of the growth of the major corporations.

UNIT 4:  The Global Economy                    (25%)

The impact of Globalisation will be covered taking in issues such as Third World development, Europe and emerging economies.  More economic theories and models will be explored and applied to the global context.

Enrichment Opportunities

Currently students have numerous opportunities to enrich their learning through activities such as the Bank of England Challenge, ‘Student Investor Challenge’, RES Young Economist and other competitions.