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AS Economics

This subject may be offered at more than one Southern Consortium school site. The teaching of this subject may be at any one of the sites listed below.

The information on this webpage is a guide only. Topics, units and course content may vary from those listed below.

AS Economics @ JRCS

Outline of the course

Students do not need to have studied Economics at GCSE in order to take the AS or A Level course. Lessons will be taught in such a way that all students will have something new to learn, whether or not they have studied the subject previously. A more important attribute than previous knowledge will be an interest in current affairs and a desire to understand more about the world beyond school.

On the course, students will develop an understanding of economic concepts and theories by investigating and analysing current economic issues and problems that affect everyday life. You will also learn how to apply economic ideas to the open market economy in which we live. Eventually you will be able to appreciate the value and limitations of economic concepts in explaining real-world phenomena. Study of this course prepares the student for participation in society as a citizen, producer and consumer.

Am I suited?

You will be suited if you:

• have an interest in current issues and government policies
• want to know more about the choices facing individuals, organisations and governments
• can apply a logical, scientific and sometimes abstract approach to solving problems

The syllabus aims to develop the following skills & practices:

AS Unit 1: Competitive Markets – How they Work and Why They Fail (Jan 2009) This unit provides an introduction to the nature of economics and examines how the price mechanism allocates resources in markets. It analyses the nature of market failure, its causes and possible remedies. At the end of this unit, students should be able to apply supply and demand analysis to real world situations; to understand why markets might not allocate resources efficiently and the methods of dealing with market failure, together with an evaluation of their effectiveness.

A2 Unit 3 – Business Economics and Economic Efficiency (Jan 2010) This unit develops the content of Unit 1 and examines how the pricing and nature of competition between firms is affected by the number and size of market participants. At the end of this unit, students should be able to analyse the pricing and output decisions of firms in different contexts. They should also be capable of making an appraisal of government intervention aimed at promoting competitive markets.

Unit 2: Managing the Economy (June 2009) This unit introduces the key measures of economic performance and the main objectives and instruments of economic policy. Students should be able to use a basic AD/AS model to understand why demand/or supply side policies may be seen as appropriate ways of managing an economy; predict the possible impact of such policies and to recognise the assumptions involved; argue for different approaches and identify criteria for success.

Unit 4 – The Global Economy (June 2010) This unit develops the knowledge and skills gained in Unit 2 so that they can be applied in a global context. The application, analysis and evaluation of economic models is required as well as an ability to assess policies which might be used to deal with economic problems. An awareness of trends and development in the global economy over the last 10 years is required.

Assessment There is no coursework. The course is assessed by examination.

Careers and further study

Economics A’ Level is an excellent lead-in to a degree in Economics, which is often combined with Politics, Business, Accounting, or a language. Economists are in demand throughout industry, commerce and public service, commanding some of the highest salaries and best employment prospects. Clear course overlap is seen in Politics, Business Studies, Law, Sociology and Mathematics. Would combine well with a language if a career in international business or politics is desired.

 

AS Economics @ EB

Introduction and overview

If you have ever wondered how it is that when you visit the shops to buy a chocolate bar there is one there waiting for you, why some people in the UK can spend over £100 on a restaurant meal while children in Africa are starving or why some people can afford luxury villas in Spain while others live in cardboard boxes, then economics is the subject for you.

The study of economics involves attempting to answer these and many other questions by looking at the fundamental problem of how societies satisfy unlimited wants with scarce resources. It looks at how business and consumers operate under different conditions.

It complements both Business Studies and ICT as it draws on the sklls of both areas. Diagrams are used to a large extent to help explain different situations.

Subject content

Economics can be divided broadly into two areas. Microeconomics is the study of the behaviour of individuals and firms and macroeconomics is the study the behaviour of the economy as a whole. The course is divided into six broad subject areas:

• Unit 1 - Markets: How they work
• Unit 2 - Markets: Why they fail
• Unit 3 - Managing the Economy
• Unit 4 - Industrial Economics
• Unit 5a - Labour Markets
• Unit 6 - The Global Economy

In order to achieve a full A level qualification, students will be required to complete Units 1-6. Unit 6 tests knowledge, understanding and skills across the whole syllabus.

Completion of Units 1-3 lead to an Advanced Subsidiary (AS) qualification in year 12

Completion of Units 4-6 lead to an A2 qualification completing the full A level requirement in year 13

Assessment is by examination only. Although the method of assessment varies widely from unit to unit, it includes a combination of supported choice, data response and essay questions.

 

 

Future pathways

Economics is a rewarding subject that is very highly thought of by both employers and higher education institutions alike. It provides pathways to a much broader variety of professions and access to a wide range of different higher education courses. Economists can venture into any area of Business analysis, journalism and associated media work on TV and Radio