Economics A-Level
Subject: Economics
Qualification Level: A Level
Qualification Duration: 2 years
Exam Board: Pearson OCR
Overview:
This course looks at how individuals, businesses, governments and economies make choices when resources are limited. You'll study how markets work and fail, and how the whole economy is managed through issues such as growth, inflation, unemployment and trade. You'll apply theory to current real-world events, so reading or watching the news is a real help. It suits students who enjoy debate, analysis, extended writing and some maths, such as graphs, calculations and data interpretation. It is assessed by three written exams of 2 hours 15 minutes, each worth a third of the grade, with no coursework.
Year 1 content:
- Microeconomics
1. Introduction to microeconomics
1.1 The economic problem
1.2 The allocation of resources
1.3 Opportunity costs
2. The role of markets
2.1 Specialisation and trade
2.2 Demand
2.3 Supply
2.4 Consumer and producer surplus
2.5 The interaction of markets
- Macroeconomics
1. Introduction to microeconomics
1.1 The economic problem
1.2 The allocation of resources
1.3 Opportunity costs
2. The role of markets
2.1 Specialisation and trade
2.2 Demand
2.3 Supply
2.4 Consumer and producer surplus
2.5 The interaction of markets
Year 2 content:
- Microeconomics
3. Market failure and government intervention
3.1 Types of market failure
3.2 Externalities
3.3 Public goods and merit and demerit goods
3.4 Information failure
3.5 Government intervention: taxes, subsidies, regulation and price controls
3.6 Government failure
4. Business economics and market structures
4.1 Costs, revenue and profit
4.2 Economies and diseconomies of scale
4.3 Perfect competition, monopolistic competition, oligopoly and monopoly
4.4 Competition policy and regulation
5. Labour markets and distribution of income
5.1 Demand for and supply of labour
5.2 Wage determination and minimum wage
5.3 Poverty and inequality
- Macroeconomics
3. Economic policy objectives (continued)
3.1 Inflation
3.2 Balance of payments
3.3 Income distribution
4. Economic policy instruments
4.1 Fiscal policy
4.2 Monetary policy
4.3 Supply-side policies
4.4 The financial sector and the role of the central bank
5. International economy
5.1 International trade and protectionism
5.2 Exchange rates
5.3 Globalisation
- Themes in economics (synoptic paper)
Applying micro and macro to contemporary issues, with a focus on evaluation
Data response and essay practice
Trips and other costs:
The department is hoping to offer enrichment opportunities linked to the course, such as walking trips in London to explore economic and financial themes, and visits connected to the finance sector. These are still being planned and are not yet confirmed, so dates, locations and costs will be shared with students once they are finalised. Nothing is guaranteed, and any activity will depend on availability and approval.
Any trip costs will be communicated in advance. Other costs are usually minimal, such as a calculator, stationery and an optional revision guide. A textbook is normally provided or loaned. Some students also find a newspaper or online news subscription useful.
Career and further study:
- Degrees:
- Economics, economics and finance, accounting, business, politics, philosophy and economics (PPE), international relations, law and management.
- A level Economics is well regarded by universities
- Other routes:
- Degree apprenticeships and school-leaver programmes in finance, banking, consulting and the civil service.
- Careers:
- Financial analysis, banking, investment, accountancy, government and the civil service, policy advising, journalism, management consultancy, data analysis, or working for think tanks.
Combines well with: Maths, Further Maths, Business, Geography, Politics, History and Psychology.