Economics A Level

Please make sure you have checked the entry requirements before submitting your application. Please also be aware that we use an Attainment 8 requirement for students choosing to do Science and Maths subjects. This is explained further on our website: https://www.taptonschool.co.uk/page/?title=Subjects&pid=69

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Economics is the study of how society allocates it scarce resources between competing uses. For instance, how is our access to fresh water managed? It is a vital resource which certainly creates benefits for all consumers, however it seems our demand exceeds supply available at times and is often rationed. Another issue of concern could be the management of transport. Free Access to roads in this country is an integral part of our society, but it generates considerable problems, pollution, congestion, health issues etc. Economics may suggest the free market is the answer to both problems, charge people for what they use and they would be more careful! But what would the effect be for those on low incomes for instance. A-level Economics develops an understanding in students, which allows them to explore how markets work, and how they fail, both on a local level and at a national and international level, and how Governments can or could take a role.

• How to develop an understanding of economic concepts and theories through a critical consideration of current economic issues, problems and institutions that affect everyday life.
• How to apply economic concepts and theories in a range of contexts and to appreciate their value and limitations in explaining real world phenomena.
• How to analyse, explain and evaluate the strengths and weaknesses of the market economy and the role of government within.
• How to participate effectively in society as a citizen, producer and consumer.

Qualities Required

• An interest in/awareness of current affairs
• A logical, coherent approach to problem solving
• A desire to engage in regular background reading
• An inquisitive mind
• A willingness and ability to work independently, showing initiative, organisation and perseverance
• An ability to communicate effectively
• Some mathematical ability in using and interpreting data

Links with other subjects

Frequently studied alongside Mathematics, Geography and English, but increasingly with a wide spread of other subjects. Economics is becoming an essential element of study in a variety of HE courses from Law to Engineering, including of course Business/Management

• The operation of markets and market failure
• Economic methodology and the economic problem
• Price determination in a competitive market
• Production, costs and revenue
• Competitive and concentrated markets
• The market mechanism, market failure and government intervention in market

The national economy in a global context

• The measurement of macroeconomic performance
• How the macro economy works: the circular flow of income, AD/AS analysis, and related concepts
• Economic performance
• Macroeconomic policy

• The economic problem and methodology
• Individual economic decision making
• Price determination in a competitive market
• Production, costs and revenue
• Perfect Competition, imperfectly competitive markets and monopoly
• The Labour market
• The distribution of income and wealth: poverty and inequality
• The market mechanism, market failure and government intervention in markets

• The measurement of economic performance
• How the macro-economy works: circular flow of income, aggregate demand/ aggregate supply analysis
• Economic performance
• Financial markets and monetary policy
• Fiscal policy and supply side policies
• The international economy

For the A-level course students will sit 3 exams, both last for 2 hours. Each paper makes up 33.3% of the total A-level.

• Paper 1: Component of market and Market Failure. This paper includes 1 data response question from a choice of 2 and 1 essay from a choice of 3.
• Paper 2: National and international economy. This paper includes 1 data response question from a choice of 2 and 1 essay from a choice of 3.
• Paper 3: Economic principles and issues: This paper includes multiple choice questions and 1 case study with questions.

6 in Maths and 6 in English Language and 6 in Economics if studied.

Tapton School's minimum entry requirements for all students: Grade 5 in English Language; Grade 4 in Mathematics and three other GCSEs at grade 4 and above.

Economics is a useful background subject for further study in a variety of areas, e.g. journalism, law, but is also a key element of subjects such as marketing, finance, accounting and insurance as well as courses including retail or sports management, and urban planning. Of course, the subject remains a key area of knowledge and understanding for all future citizens, consumers and producers.