Economics

Who is this suitable for?

You should study Economics if:

• You want to know why some countries are rich and others are poor.
• You wonder about how money is created and how it works.
• You are interested in how institutions like the NHS and schools are funded and how this relates to taxes.
• You would like to know why a Big Mac costs £1.18 in Ukraine and £4.89 in Switzerland.
• You want to find out about the costs and benefits of the UK leaving European Union.
• You are keen to develop your ability to write logically and use graphs to support your arguments.
• You enjoy books such as ‘The Undercover Economist’, blogs such as ‘Mainly Macro’, podcasts like ‘Freakonomics’, and articles in The Economist or The Financial Times (although you might not understand all of them yet!).

What will I learn?

Michaela pupils will study the Edexcel Economics course, which provides an excellent framework to analyse complex issues facing the world today through the application of ‘microeconomics’ and ‘macroeconomics’. Microeconomics is the study of decisions made by individuals and firms, and macroeconomics looks at how whole economies work, including regional, national and global economies. In Year 12, you will focus on core economic concepts. In microeconomics, you will learn about how the forces of supply and demand create markets that shape the world around you. In macroeconomics, you will consider the performance of the UK economy and the role of government policy. In Year 13, you will study in more detail how businesses, workers and consumers interact, and tackle global issues such as international trade, poverty and inequality, the economics of developing countries, the financial sector and the role of the state.

How will I be assessed?

Each Economics assessment includes a mixture of multiple-choice, data response and essay questions

• Year 12: One paper on microeconomics and one paper on macroeconomics.
• Year 13: Three papers of two hours: Paper 1 (micro), Paper 2 (macro) and Paper 3 (micro & macro).

What other subjects go with Economics?

Economics complements many subjects such as History and Politics. Many top universities expect applicants for pure economics to have also studied A Level Maths.

Where could it lead me?

Economics provides excellent preparation for any degree where essay-writing, maths or logical thinking are valued. You will become a rigorous, logical thinker with a greater understanding of how the world works. With further study, Economics provides a strong foundation for a career in finance, banking, accounting or policy-making.