Economics (AQA):
It is often said that we live in a global village. The world’s resources are finite; there are only limited amounts of land, water, oil, food and other resources on this planet. Economists therefore say that resources are scarce but wants are infinite. It is this which gives rise to the basic economic problem and which forces economic agents to make choices.
A-Level Economics allows students to acquire knowledge and understanding of both Micro and Macroeconomic models and apply these to current problems and issues. They will by aware of the performance of the UK economy over the last thirty years and also understand the influence of European Union membership and the international economy. They will also develop their understanding of different markets and market failure. During their course of study, students are encouraged to develop a critical approach to economic models and methods of enquiry.
Subject Content (Each exam is worth 25% of the overall grade):
AS Economics:
ECON 1: Markets and Market Failure
• The Economic Problem
• The Allocation of Resources in Competitive Markets
• Production and Efficiency
• Market Failure
• Government Intervention in the Market
ECON 2: The National Economy
• The Measurement of Macroeconomic Performance
• How the Macroeconomy works: AD/AS Analysis, the Circular Flow of Income and Related Concepts
• Economic Performance
• Macroeconomic Policy
A2 Economics:
ECON 3: Business Economics and the Distribution of Income
• The Firm: Objectives, Costs and Revenues
• Competitive Markets
• Concentrated Markets
• The Labour Market
• Government Intervention in the Market
ECON 4: The National and International Economy
• Macroeconomic Indicators
• Managing the National Economy
• The International Economy