Lessons
What is Economics?
Economics studies the problem of scarce resources alongside the unlimited desires of humans and society and is studied from two perspectives. Microeconomics deals with how markets work to set prices and how economies deal with failures of the market mechanism, whilst macroeconomics deals with the wider economic problems faced by government such as achieving economic growth and managing inflation. In understanding the basics of economics you can then apply this to the wider political and social environment and understand their value and limitations in explaining real world phenomena.
As economic activity is diverse, lessons will involve discussion and debates about current and topical economic issues, exam practice, group work, computer research and data analysis. For more information about choosing A-level Economics, this is a great video.
The A-level provides you with the basic knowledge and understanding of the essential aspects of economic theory and concepts, whilst you'll also develop an 'economist's mind' and way of critical thinking and analysis. You'll also be able to use the concepts you've learnt to develop an understanding of current economic issues, problems and institutions that affect everyday life. After the two years you'll be able to analyse, explain and evaluate the strengths and weaknesses of the market economy and the role of government within it.
Year 1
What you will be studying - AS Level
AQA
Markets and Market Failure
- The Economics Problem
- The Allocation of Resources in Competitive Markets
- Production and Efficiency
- Market Failure
- Government Intervention in the Market
The National Economy
- The Measurement of Macroeconomics Performance
- How the Macroeconomy Works: AD/AS Analysis, the Circular Flow of Income, and Related Concepts
- Economic Performance
- Macroeconomic Policy
OCR
Microeconomics
- Scarcity and Choice
- How Competitive Markets Work
- Market Failure and Government Intervention
Macroeconomics
- Economic Policy Objectives and Indicators of Macroeconomic Performance
- Aggregate Demand and Aggregate Supply
- The Application of Policy Instruments
- The Global Context
Edexcel
Introduction to Markets and Market Failure
- Nature of Economics
- How Markets Work
- Market Failure
- Government Intervention
The UK Economy - Performance and Policies
- Measures of Economic Performance
- Aggregate Demand
- Aggregate Supply
- National Income
- Economic Growth
- Macroeconomic Objectives and Policy
Year 2
What you will be studying - A Level
AQA
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
The National and International Economy
- Macroeconomic Indicators
- Managing the National Economy
- The International Economy
OCR
Microeconomics
- Scarcity and Choice
- How Competitive Markets Work
- Competition and Market Power
- Labour Market
- Market Failure and Government Intervention
Macroeconomics
- Economic Policy Objectives and Indicators of Macroeconomic Performance
- Aggregate Demand and Aggregate Supply
- The Application of Policy Instruments
- The Global Context
- The Financial Sector
Themes in Economics
Edexcel
Business Behaviour and the Labour Market
- Business Growth
- Business Objectives
- Revenues, Costs and Profit
- Market Structures
- Labour Market
- Government Intervention
A Global Perspective
- International Economics
- Poverty and Inequality
- Emerging and Developing Economies
- The Financial Sector
- Role of the State in the Macroeconomy
Entry Requirements
Entry Requirements
At most colleges and sixth forms, no prior knowledge or study of Economics is necessary to undertake the AS/A Level. You may have to achieve specific GCSE grades to start the courses, e.g. 5 A-C grades.
Assessment
Assessment
For all exam boards assessment is via exams at the end of year two with one exam paper for each module. Exams are made up of multiple choice questions, short answer questions, data response questions and extended writing questions (essays).
What's Next
Next Steps
An Economics A Level can help you progress to a higher education course, and popular courses include Economics, Geography, Maths, Marketing, Accountancy, Business and Law. If you don't want to take the university route, you'll have learnt lots of useful skills to help you prepare for employment or getting an apprenticeship, with industries such as logistics and supply chain and business benefitting from your A-level. Please note that if you want to read Economics at university you'll also need A Level Maths.
Skills
Skills
At the end of the course you'll be able to 'think as an economist', with the necessary analytical, questioning and quantitative skills. This include:
- Decision Making
- Problem Solving
- Independent Learning
- Critical Thinking
- Analytical Thinking
- Quantitative Skills
Resources
Resources
Online Courses
Revision
YouTube
Blogs & Websites
New Sources
The BBC has good daily resources, particularly the Economy tab.
The Times, Guardian, Telegraph and Independent all have good coverage of the economy whilst The Guardian and Telegraph on Saturday, and the Times on Sunday are particularly strong on economic news.
The Economist is a great read. You don't need to read it cover to cover, but flick through it and you'll find some interesting articles which you may find interesting and related to a topic on your course. As it's quite expensive check to see whether your college library holds copies, or failing that your local library.
If your college subscribes to Economic Review and/or Economics Today you may find an article that piques your interest as these magazines are specifically designed for A Level students.
Other Subjects
What should I study Economics alongside?
As Economics is cross-curricular it complements different subject choices. Studying Economics alongside the social sciences, such as Sociology or Psychology helps you to think about your personal circumstances and role in society, whilst the Humanities such as History, Politics or Geography also complement it very well, helping you to develop your logical, analytical and problem solving skills. Economics is also a great link to the sciences, allowing your to demonstrate your writing skills, while if you want to study Economics at university you'll certainly have to take Maths alongside it.
Suggested Reading
Suggested Reading
Economics books are great as you can dip in and out and skip the bits you think are boring or too difficult to understand. If you're enjoying the book, make notes in the margin or stick post-it notes in your books as they are a great chance for you to go back to. Especially if you are applying to do Economics at university you can flick through those notes for your personal statement or interview, and they will give you something to discuss.
- 23 Things They Don’t Tell You About Capitalism – Ha Joon Chang
- How Markets Fail: The Logic of Economic Calamities – John Cassidy
- The Truth about Markets: Why Some Nations are Rich But Most Remain Poor – John Kay
- The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession - Richard C. Koo.
- Crisis Economics – Noriel Roubini
- Globalization and its Discontents – Joseph Stiglitz.
- The Art of Strategy – Dixit & Nalebuf
- Happiness: Lessons From a New Science – Richard Layard
- Adapt: Why Success Always Starts With Failure – Tim Harford
- GDP: A Brief but Affectionate History - Diane Coyle
- Keynes: The Return of the Master - Robert Skidelsky
- The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger - Marc Levinson
- The Great Escape: Health, Wealth and the Origins of Inequality - Angus Deaton
- Thinking, Fast and Slow - Daniel Kahneman
- What Money Can’t Buy: The Moral Limits of Markets - Michael Sandel
