Economics

Economics is the study of how people make choices.

Applying the basic principles of this subject to just about anything often reveal some startling results. In this course students will be required to think like an economist and carefully weigh up the costs versus the benefits of many decisions. Is it better to buy the first thing you see or shop around to get the best deal? What does Fairtrade mean for farmers in Central America? Students will look at models and learn to think logically in order to answer these types of questions.

Why Choose Economics

Possible careers for Economics Graduates:

  • Business
  • Banking
  • Consultancy
  • Economics Policy and Research
  • . . . anything that requires skills in logic and analysis!

Exam Board 

Further information on the Economics A Level can be found on the OCR website.

Course Content


AS Units:

Unit 1: Markets in Action

  • The reasons for individuals, organisations, and societies having to make choices
  • Competitive markets and how they work
  • Market failure and government intervention

Unit 2: The National and International Economy

  • Aggregate demand and aggregate supply and their interaction
  • Government economic policy objectives and indicators of national economic performance
  • The application of macroeconomic policy instruments; and the international economy  

A2 Units:

Unit 3: Economics of Work and Leisure

  • Nature of work and leisure and trends in employment and earnings
  • Market structures and competitive behaviour in leisure markets
  • Labour demand, supply and wage determination
  • Market failure and the role of the Government and unions in the labour market 

Unit 4: The Global Economy

  • Macroeconomic performance
  • Trade and integration
  • Development and sustainability
  • The economics of globalisation

Assessment


100% Examination Assessment

AS Units:

Unit 1: Markets in Action (25% of A2 Level, 50% of AS Level)

Unit 2: The National and International Economy (25% of A2 Level, 50% of AS Level)

A2 Units:

Unit 3: Economics of Work and Leisure (25% of A2 Level)

Unit 4: The Global Economy (25% of A2 Level)

Note: F584 optional unit not studied. 

Trips, Activities and Extension 

Bank of England Target 2.0:

Students have the opportunity to participate in an Inter-School competition for economics research and monetary policy presentations, culminating in a presentation to a panel from the Bank of England.