By studying Economics students will develop an interest in and an enthusiasm for the study of the subject while appreciating the contribution of economics to the wider economic and social environment. Students will develop an understanding of a range of concepts and an ability to use these concepts in a variety of different contexts; they will develop an enquiring, critical and thoughtful approach to the study of economics and will leave the course with an ability to think as an economist. This will help to develop the skills, qualities and attitudes that will equip them for the challenges, opportunities and responsibilities of adult and working life.
Key Stage 5
What will I Study?
Students will be given an introduction to the nature of economics and examine how the price mechanism allocates resources in markets. They will analyse the nature of market failure, its causes and possible policy remedies. Students will also be provided with an introduction to the key measures of economics performance, such as inflation, employment and interest rates and will understand the main objectives and instruments of economic policy.
What is important is students’ attitude to Mathematics, as they will be required to interpret data and make assumptions from it. Students must be prepared to read widely and keep on top of current affairs.
How will I be assessed?
Paper 1: Markets and market failure
Paper 2: National and international economy
Paper 3: Economic principles and issues
They may progress on to a straight Economics degree with a focus on theory or an applied Economics course such as environmental economics, labour economics or public sector economics. It can be easily combined with other subjects. Post university employment rates for economists are among the highest of all graduates. An Economics degree enables students to gain transferable skills in problem solving, quantitative analysis and communications. They are likely to find employment in finance, banking, insurance, accountancy, management and consultancy. Some may become professional economists.
What are the entry requirements?
The course is suitable for students who have an interest in learning how businesses and the government create benefits and economic wealth, and conversely how they may create costs which society has to pay, such as the associated costs with pollution or new house building projects. Students must enjoy assessing and presenting the merits of alternative courses of action. Students will learn how to analyse data and economic models in order to suggest solutions to real-world problems or forecast future trends and must be willing to read the financial press. Students will need Mathematics & English Grade 6 and above.
Economics combines well with almost any other subject; however, Mathematics, Government and Politics, Geography and History make particularly good combinations.